On Tuesday, September 12 at 10 p.m. Public Broadcasting is going to broadcast a documentary about the only U.S. bank prosecuted after the financial crisis.

 

This documentary is about a small, family-owned New York City Chinatown institution, Abacus Federal Savings Bank. It is a compelling and suspenseful five-year legal battle that cost my friends the Sung family $10 million dollars before they were found innocent.

 

Shanghai-born Thomas Sung opened Abacus in Chinatown to help his community and offer loans to those unable to secure them elsewhere. Despite the Sung’s taking pro-active steps to inform Fannie-Mae of illegal activity, then Manhattan District Attorney Cyrus Vance Jr. took the unprecedented step of charging the Sung’s criminally. 

 

In order for Thomas Sung to demonstrate his innocence, he engaged his four daughters—Jill, Vera, Heather, and Chanterelle—in helping  provide information that ultimately led to their exoneration. He also hired top legal help.

 

Sadly, this District Attorney office acted outside the law to try to convict Abacus and failed to apologize when they were found innocent.