9/17/2023 0 Comments Abacus bank flushing![]() The protection of the nation's financial system remains a top priority for IRS-Criminal Investigation." Pine, Director of Field Operations for IRS-Criminal Investigation, said: "The public has the right to expect security and integrity from the banks they entrust their money to, regardless of their size. My office is committed to ferreting out fraud throughout the housing system, and partnering with law enforcement agencies making a similar commitment."Ĭharles R. Linick, Inspector General of the Federal Housing Finance Agency, said: "We are proud to have contributed to this effort, which to date has produced multiple indictments of individuals who allegedly engaged in this significant fraud scheme. ![]() Today's indictment re-affirms our commitment to transparency and straight dealing in the financial markets. "Loan schemes based on fraud inevitably will unravel, as this one did. "The public must have confidence that when a bank issues a loan that it later re-sells to Fannie Mae,and by extension the nation's investors, it will engage in honest and ethical practices and follow the rules set by regulators," said District Attorney Vance. "The lessons of the financial crisis are still being learned," said District Attorney Vance. Each defendant faces charges related to his or her involvement in the criminal conspiracy, which the indictment charges occurred between May 2005 and February 2010. The defendants include former senior managers, as well as former employees who worked in various capacities for the Bank's lending business. The 184-count indictment charges eleven individuals and ABACUS itself with residential mortgage fraud, securities fraud, grand larceny, conspiracy, and falsifying business records,among other related charges. Vance, Jr., today announced the indictment of ABACUS FEDERAL SAVINGS BANK ("ABACUS" or the "Bank") and eleven of its former employees in a false document mortgage fraud scheme resulting in the sale of hundreds of millions of dollars worth of fraudulent loans to the Federal National Mortgage Association, commonly known as"Fannie Mae." The District Attorney also announced that an additional eight former employees have already waived indictment and admitted their guilt in connection with this conspiracy. ![]() Prosecution Marks the First Time a Bank Has Been Indicted in Manhattan Since 1991 Please speak with an Abacus bank representative for more information.The New York County District Attorney's OfficeĪBACUS BANK AND 19 INDIVIDUALS CHARGED IN LARGE-SCALE MORTGAGE FRAUD CONSPIRACYĮmployees and Managers Charged With Routinely Submitting False Terms are subject to change without notice. This offer only apply to Flushing and Philadelphia branches. Safe deposit box facilities only available at Abacus Bank branches located at 6 Bowery, New York, 36-30 Main Street, Flushing and 147 North 10th Street, Philadelphia. Contents in safe deposit boxes are not covered by FDIC Insurance. *Opening of a new deposit account with new funds (no transfers from existing accounts) is required for this offer. Your Safe Deposit Box contents are not covered by FDIC Insurance.įor branch hours and locations, please Click Here. As you grow, we will grow with you, every step of the way. Abacus will provide you deposit services, investment choices, insurance, credit cards and loans that best suit you and your family’s needs. We want to be your first choice for all your banking needs. ![]() Safe Deposit Boxes are available at our Branches in Manhattan, Flushing and Philadelphia. Multiple and spacious private viewing rooms.Access 7 days a week at our Bowery Branch.Looking for a secure and convenient place to store your valuables? Abacus has over 40,000 safe deposit boxes for your use.* ![]()
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