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Abacus Case Summary

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Abacus Case Summary
This video chronicles the legal proceedings of the Abacus Federal Savings Bank located in China Town. Moreover, the documentary shows this family-operated bank in the process of an indictment to trial to verdict. As the only bank indicted on mortgage fraud during the 2008 housing crisis, Abacus’s noteworthy trial bears economic significance.
The founder of Abacus, formally a lawyer, began banking for residents of china town who could not obtain credit otherwise. Complications originated for Abacus when one family member discovered a loan officer, Ken Yu, persisted committing fraud on multiple mortgage loans. Abacus immediately terminated Ken Yu’s employment after the fraud’s discovery; however, following this incident, the DA’s office received
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