He had all these federal investigators from D.C. It began with Vance standing before the reporters. I think when you look at that indictment, it was designed to attract the press and be a spectacle. It came after the trial and we were able to include that throughout the whole film.įrom left: Jill Sung, Vera Sung and Thomas Sung in 'Abacus: Small Enough to Jail' directed by Steve James.Ī startling moment is when the Sungs and their employees are subjected to a perp walk. They felt strongly they were innocent, even when we said we would make a real effort to present the case against them if we could get cooperation from the DA’s office.

That came through for me loud and clear, and they weren’t afraid of having us tell their story. I believed them to be people of principle and courage and integrity. When I went to New York to film the family, I was just really taken with them. There was an occasional article here and there during the three years between the indictment and the end of the trial, so it seemed pretty important.

The New York Times, even The Wall Street Journal wasn’t covering it. That alone was intriguing and no one was covering it. Mark called me and told me the broad details of what had happened - how they discovered the fraud themselves and cooperated, and this is what they were rewarded with, the prosecution. Mark started to look into it and realized they were the only bank being criminally prosecuted connected to the 2008 financial crisis, which Vance clearly connected it to and steadfastly maintains today. They talked to him about what was happening and this trial that they were going to go to, and they couldn’t believe it. I got involved because producer Mark Mitten had known the family for a decade and is friends with them. How did you get involved with the project?

This film and its subject seems to be a departure for you. James talked with MarketWatch about “Abacus.” The documentary follows the events of the trial, and includes interviews with lawyers from the prosecution and defense, jurors, journalists, and most of all, the Sungs themselves. bank to have been prosecuted in connection to the 2008 financial crisis. indicted Abacus on charges of a scheme to falsify loan applications to Fannie Mae, and subjected the Sungs and their employees to a public “chain gang,” forced to walk into the courtroom handcuffed in front of the cameras. In 2012, Manhattan District Attorney Cyrus Vance, Jr. The Sungs’ actions resulted in an investigation of the bank itself, and its leaders. He was promptly fired, and the Sungs - Thomas’s daughters Jill and Vera help run the bank - reported the incident to Fannie Mae, referred the case to the FBI and hired an investigator to root out any more wrongdoing. Contact Bank representative for details.But in 2009, a loan officer named Ken Yu was found to have falsified documents and accepted bribes by borrowers, setting off the Sungs’ suspicions. New customers need to open a checking or savings account with Abacus Bank to qualify for CD rates. CDs are subject to substantial early withdrawal interest penalty. *APYs (Annual Percentage Yields) stated are effective as of and subject to change without notice. Please call 212.285.4770 to ask us about our CD rates With a minimum of $1,000 you can earn competitive rates on terms from 91 days to 5 years. Standard Fixed Rate Certificates of Deposit (CDs)* Low minimum deposit to open and maintain most accounts.Earn steady interest at a higher rate than most regular savings accounts.Variety of CD options from 91 days to 5 years to meet your needs.It is a great way to maximize your returns to meet your personal savings goals when you don’t need immediate access to your funds.Īdvantages of Abacus CD products include: We offer Certificates of Deposit (CDs) with a variety of terms. Abacus Bank will NEVER request through email, text, or unsolicited phone call your bank card number, account number, Social Security number, Personal Identification number (PIN) or password.

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