- Associated Press - Friday, June 5, 2015

NEW YORK (AP) - A savings bank and two of its senior officers have been cleared of mortgage fraud and other charges.

Abacus Federal Savings Bank; chief credit officer Yiu Wah Wong; and loan originator supervisor Raymond Tam were acquitted Thursday after trial on a 240-count indictment.

It’s part of a larger case brought in 2012 by Manhattan prosecutors.

According to The New York Times (https://nyti.ms/1GoGMvP ), Abacus is a small bank but has a major presence in the city’s Chinese community.

The district attorney alleged there was a scheme to inflate the income and other qualifications of loan applicants, many of them recent immigrants.

Eight other employees, including loan originators, previously pleaded guilty to falsifying documents to obtain loans through Fannie Mae.

Another seven await trial.


Information from: The New York Times, https://www.nytimes.com



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