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.
#ABACUS BANK CASE FULL#
We're not the only ones who have been wrongfully accused of a crime.įor more on 'Abacus: Small Enough to Jail,' listen to our full interview.“American justice has become American injustice. Why? What must we do to prevent this from happening again, not just to us, but other people in the community? The criminal justice system really needs reform. but she started sniffling as they were saying "not guilty." I seem to remember our court reporter crying, our attorney cried. There's still a lot of anger that this has happened. The judge told us not to have any emotional reaction. We had to hear all of it that day, the "not guilty, not guilty, how say you, not guilty, not guilty". He was out taking a continuing education class. HM: The day the jury returned with the verdict, after all of these months, all the tension, all the things your family had gone through. So yeah, who was the victim, besides the Sung family? It was a real struggle for the prosecution to make that stick. Fannie Mae was quite reluctant to be perceived as the victim in this because they had made hundreds and millions of dollars off these loans that had performed and they were also aware of the unique circumstances of how the bank needed to operate in their community. Fannie Mae is the victim of record for the trial because the mortgages were sold to Fannie Mae, the mortgages accused of being fraudulent. HM: Steve, when we look at who the victims are supposed to be here, it's hard to find any, isn't it? You have a case where they discovered the fraud, they reported it, not only did they report it, but they initiated their own private investigation to root out further fraud, which they did, and they have one of the lowest default rates of any bank in the country, and this is the bank that gets brought to "justice" and put on trial. you have a small bank with a fraction of the assets of the big banks. that virtually no one knows about unless you're fluent in the Chinese-American press. HM: What was it about the Sung family, and Abacus bank, that made you think this would be a good documentary?
He really wanted to help others to be able to get mortgages, to be able to buy their homes, which is one of the most important things for a Chinese immigrant. Either the language issue or a lack of credit. He would deposit money, as well as the rest of Chinese immigrants, but when it came to borrowing money, they weren't able to do it, for one reason or another. He realized as he was helping immigrants get their status, buy their homes, it was very hard for them to get loans. Vera Sung: When he started off as an attorney, he was an immigrant himself and wanted to, therefore, help other immigrants gain legal status in the United States. Can you tell us about what it is about the film and what it is about your father that drove him to start the bank?
#ABACUS BANK CASE MOVIE#
Helen Mann: At the beginning of the documentary we see them watching 'It's A Wonderful Life,' a movie so many of us have seen over and over again. The documentary's director, Steve James, earned acclaim early in his career for 1994's 'Hoop Dreams.' (Blue Ice Docs)
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