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Abacus Bank, officers cleared in mortgage fraud case

washingtontimes.com | June 7, 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, 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.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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