![]() The panel will discuss why the film was made, how Abacus is doing since the jury’s vindication of the bank, and the bank’s role in the New York City Chinatown community. ![]() Come discover the many layers of Chinatown through self-guided walking tours of historic architecture & new neighborhood murals, a Tai Chi class at the park, and a block party of Chinese vinyl classics. ![]() It's the only bank to be indicted in connection to the 2008 crisis. Arts Hop with ThinkChinatown For Meet Us In Chinatown with ABNY: June 17th 4-8pm. Abacus Federal Savings Bank is a modest institution of New York’s Chinatown that came under harsh prosecution in the wake of the 2008 financial crisis. Accused of mortgage fraud, the indictment and trial force the Sung family to defend themselves and their banks. Abacus Federal Savings of Chinatown, New York. In 2012, Abacus Federal Savings Bank was indicted on charges of fraud in relation to hundreds of millions of dollars' worth of mortgages that had been sold to Fannie Mae from 2005 to 2010. Abacus Federal Savings of Chinatown, New York. Abacus Bank went into a liquidity crisis after its clientele withdrew 44 million. bank that faced criminal charges in the wake of the 2008 financial crisis: a family-owned bank serving immigrants in Chinatown, New York. But that wasn't the case for a small, family-owned bank tucked inside Chinatown in New York City. The screening will be followed by a Q&A session featuring four panelists from the film: Jill Sung, CEO of Abacus Bank, Vera Sung, Chantrelle Sung, and Abacus attorney, Kevin Puvalowski.įollowing the 2008 mortgage crisis, which led to a $700 billion government bailout, the biggest financial institutions in the country were given a light tap on the wrist in fines and penalties. Please join us for a free, public screening of the PBS documentary, Abacus: Small Enough To Jail.
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