We devote an enormous amount of effort into protecting immigrant communities and I felt that our handling of the bank was consistent with how we would have handled the bank if we were investigating a bank that services a South American community or the Indian community. said, “I think the characterizations that this was somehow a cultural bias on the office’s part…entirely misplaced and entirely wrong. In response to these accusations, District Attorney Cyrus R. The lack of options disregarded by the prosecution raised concerns that the DA’s targeting of Abacus was saturated with prejudice.
#Abacus federal savings bank indictment plus#
“The DA told us, ‘You have to accept a plea of guilty for felony, plus a fine,’” said Thomas Sung. In fact, the film shows the government bailing out the big bank companies (typically ran by white CEOs) who just had to pay the penalty fees to make the situation go away.Ībacus did not receive the same treatment. The government turned a blind eye on large bank companies when they engaged in fraudulent schemes that blew up and caused the 2008 financial crisis.
#Abacus federal savings bank indictment skin#
And Abacus was the offender targeted because of its skin color. It became obvious that justice depended on who the offender was. The latter is a bit far-fetched and hypocritical. However, the prosecution did not end there, for they believed that Abacus had contributed greatly to the 2008 financial crisis. Their entire case was built on speculation that Abacus’ management was well aware of the corruption within their loan department, which seemed likely, but Abacus cooperated and assisted the DA when they first opened the case. The prosecution’s approach seemed to be executed with discrimination in mind. Nevertheless, it is evident that the prosecution lacked a definitive case. These moments lighten the intense mood from the case, and for the most part, incorporated a fairly balanced perspective to juxtapose the two parties. The family’s Dim Sum and interview segments, for the most part, portrayed them as dedicated, genuine and humble individuals who just want to see their community succeed. The intimate familial scenes between the Sungs were well situated in the film. The incorporation of investigative journalism that occurred during the legal battle provided an insightful and realistic element to the documentary.
The film mastered navigating through narratives with smooth editing and transitions. Shortly after their response, the New York District Attorney office involved itself in the case and charged Abacus in 2012 with 184 (later 240) counts of indictments that included mortgage fraud, grand larceny and conspiracy. The Sungs responded by firing all of the responsible individuals, notifying the proper authorities and pursuing a private investigation. The Sung family discovered Ken Yu, a loan officer, and several other employees in the loan department had committed fraud by embezzling money from borrowers and falsifying loan documents. The second incident occurred in 2009 and had a less forgiving outcome. The first transpired in 2003, where branch manager Carol Lim disappeared with ten million dollars. The company underwent two waves of larcenous employees. Eventually, Sung’s daughters Vera and Jill joined their father in his mission to provide the Chinese community with an opportunity to attain the American Dream. The family-owned community bank quickly expanded in location and provided accessible resources as it served and uplifted the Chinese community for decades in New York. Thomas Sung founded Abacus in 1984 after realizing Chinese immigrants had no access to financial resources such as loans and credits. Within the first three minutes of the film, the viewer is introduced to the entire plot. Showcased at this year’s San Diego Asian Film Festival, “ Abacus: Small Enough to Jail ” is a documentary directed by Steve James that encapsulates a five-year-long legal battle between the state of New York and Abacus Federal Savings Bank. “American justice has become American injustice.
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