The aggressive prosecution of Abacus, in contrast to the relatively lenient treatment received by large banks, was questioned and criticized by various media outlets.
#ABACUS INSURANCE AGENCY TRIAL#
The bank, along with its former Chief Credit Officer and its former loan supervisor, were acquitted of all charges brought by the New York prosecutors in a jury trial in New York Supreme Court on June 3 and 4, 2015. It also said it was not involved with the fraudulent packaging of subprime mortgage securities and had a mortgage default rate of 0.5%, a tenth of the national average. Abacus argued that it uncovered the improper behavior itself, reported it to the regulator, and fired the employee in question. The bank was accused of falsifying loan applications so that borrowers would qualify for mortgages. In May 2012, New York prosecutors from the Manhattan District Attorney's office indicted the bank and 19 of its employees on charges of fraud in relation to hundreds of millions of dollars' worth of mortgages that had been sold to Fannie Mae between 20. Its mortgage and other services extend to all states in the United States. Insurite is an independent insurance agency here to aggressively shop the market for the ultimate in protection and pricing for you, your family and business. (AIAC), which provides life, health, accident, and annuity insurance. Other services Ībacus has a wholly owned insurance subsidiary, the Abacus Insurance Agency Corp. The bank has locations in New York, New Jersey, and Pennsylvania. The aggressive prosecution of Abacus, in contrast to the relatively lenient treatment received by the large banks, was questioned and criticized by various media outlets.Ī documentary about the prosecution and exoneration of Abacus, Abacus: Small Enough to Jail, was nominated for the 2018 Academy Award for Best Documentary Feature. bank prosecuted in relation to the 2008 financial crisis it was exonerated of all charges following a jury trial in 2015. See the difference for yourself.Abacus Federal Savings Bank ( Chinese: 國寶銀行) is an American bank founded in December 1984 by a group of business leaders from the Chinese American community in New York City.Ībacus was the only U.S. Those are just a few of the reasons choosing an independent insurance agent is such a good choice.
#ABACUS INSURANCE AGENCY UPDATE#
And as life changes, you can even count on your independent agent to help you update your choices. If you ever need to file a claim, your independent agent can help you through the process.
#ABACUS INSURANCE AGENCY FREE#
They're free to tailor solutions to fit you, your needs, your life, to help you make the choices that are right for you. But independent agents aren't held captive by one company. You see, some insurance agents work for only one company, so they can't offer you a choice of brands and policies. Because they don't choose an independent insurance agent. We work with multiple insurance carriers to help provide you with health insurance solution that will fit your needs and budget. And yet when it comes to something as important as protecting ourselves, our property, our family, some people surrender choice without even knowing it.
In fact, choice is something we as Americans can't even imagine doing without. The ability to determine what's best for us- our needs, our life, our choice.
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