![]() 1 The charges contained in the indictment are merely allegations, and the defendants are presumed innocent unless and until proven guilty.Ģ Steve A. ![]() 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. Each defendant faces charges related to his or her involvement in the criminal conspiracy, which the indictment charges occurred between May 2005 and February The lessons of the financial crisis are still being learned, said District Attorney Vance. 1 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. The District Attorney also announced that an additional eight former employees have already waived indictment and admitted their guilt in connection with this conspiracy. 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. DISTRICT ATTORNEY DISTRICT ATTORNEY NEW YORK COUNTY FOR IMMEDIATE RELEASE CONTACT: Erin Duggan May 31, DA VANCE: ABACUS BANK AND 19 INDIVIDUALS CHARGED IN LARGE-SCALE MORTGAGE FRAUD CONSPIRACY Employees and Managers Charged With Routinely Submitting False Documents to Fannie Mae Prosecution Marks the First Time a Bank Has Been Indicted in Manhattan Since 1991 Manhattan District Attorney Cyrus R.
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