Friendly Local Chinatown: The bank was founded to serve the local Chinese community and several scenes show Tom Sung interacting with his fellow Chinese-Americans.Earn Your Happy Ending: After five years of investigation, two months of trial, and a very long jury deliberation, Abacus and the Sungs are acquitted of all charges.(Margaret Colin of Independence Day fame provides the voice of the prosecuting attorney.) Dramatization: Since cameras aren't allowed in federal courtrooms, testimony from the trial is recreated with actor voiceovers that play over courtroom sketches.Documentary: Portraying the criminal prosecution of a bank in Manhattan's Chinatown.Blatant Lies: Ken Yu is caught out as a perjurer when he denies ever asking borrowers for a cash kickback, followed by an audio recording of Yu asking a borrower for a cash kickback.The film chronicles the efforts of the Sung family to clear its name. The Sungs promptly fired the culpable employees but are horrified when they realize that they themselves and their bank are being prosecuted for larceny and conspiracy. In December 2009 widespread mortgage fraud (kickbacks, money laundering, income and document falsification) was discovered to be taking place among loan officers at the bank. It was founded by lawyer Tom Sung in 1984 specifically to serve the Chinese-American community of New York, and continued to be run as a family business by his daughters Jill and Vera Sung. Abacus was and is a bank located in the Chinatown neighborhood of New York City. It tells the story of the federal prosecution of Abacus Federal Savings Bank. At Abacus, your interest is the Bank's interest you can count on us.Abacus: Small Enough to Jail is a 2016 documentary feature by Steve James of Hoop Dreams fame. Abacus believes that a bank is only as good as its services to its customers. Banking with Abacus will give you the satisfaction of personal service and individual attention. Trading with China is more easier with the Bank's facilities.Ībacus Federal Savings Bank is a full service financial institution. The services provided by the Abacus are unique in the industry. To facilitate trade, the Bank can also assist in verifying the quantity and quality of merchandise shipment pursuant to the terms of letters of credit. With an effective network of consultants, the Bank can liaison, provide credit and marketing information, and identify strategic partners for U.S. Services to companies interested in trade with China include providing comprehensive business related reports of an industry or company in China. Abacus established correspondent relationships with government owned and/or ranked banks in China, Hong Kong and Taiwan to facilitate the flow of credit and funds between China and the United States.Ībacus's broad reach and access to key businesses and industries in China is wide. Abacus Bank saw the need to establish contacts internationally to serve its customers who now include a broad segment of companies and individuals doing business with China. It now has 6 branches covering New York, New Jersey and Pennsylvania. Abacus Bank provides deposit services, safe deposit boxes and loans for both residential and commercial real estate properties to its communities. Besides the traditional banking services, Abacus Bank also provides life insurance and annuities to its customer through its subsidiary, Abacus Insurance Agency Corp. As the Chinese immigrant population grew, Abacus Bank has retained its original mission, but has expanded its size. The founders' purpose in starting Abacus Bank was to provide financial services to immigrants and local residents of lower Manhattan. Abacus Federal Savings Bank was founded in December, 1984 by a group of business leaders from the Chinese community in New York City.
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