![]() ![]() Morgenson, “A Tiny Bank’s Surreal Trip Through a Fraud Prosecution,” New York Times, July 17, 2015.Ģ. The loan officer later pleaded guilty to grand larceny, fraud, and falsifying business records he apparently was taking kickbacks for falsifying mortgage applications. The bank investigated, and terminated the loan officer the following Monday. When the borrower started asking about extra checks she had written for the loan officer, Vera Sung grew suspicious and called off the closing. The case began with a routine real estate closing at the bank’s Chinatown branch on a Friday in December 2009. In May 2012, it became the first and only bank to be indicted for mortgage fraud in the wake of the 2008 financial crisis. But it also serves as a cautionary tale about the lurking dangers of self-reporting and cooperation without the assistance of counsel and the importance of always considering potential liability.Ībacus Federal Savings Bank was founded in New York City’s Chinatown in 1984. 1 The prosecution, led by the Manhattan DA’s office, has been variously assailed as a political expediency, the persecution of a minority-owned bank, and a misplaced use of post-financial crisis investigative resources. However, given their backing, they have big company support in all areas to ensure effective growth.“We cooperated with them, not realizing we were the target,” said Vera Sung, a director of Abacus Federal Savings Bank, about the bank’s interactions with prosecutors at the start of a two-and-a-half year investigation that led to the bank’s indictment, trial, and finally, acquittal this past June. ![]() The Bank of London possesses all the attributes of a start-up high energy, solution-orientated and mission-focused. He commented: ‘My team and I are really enjoying working with this unique, new entrant to the local market. The company says it is expected to generate about £20m in annual salaries for the local economy.ĭamian Farrell is Director at Abacus Careers, the Belfast-based business acting as recruitment partner for The Bank of London locally. It already employs about 34 staff and is advertising a further 54 roles. The Bank of London is a start-up clearing bank that approves and processes payments. He said: “The people of Northern Ireland left an indelible impression on me, and I’m delighted that our firm has selected Belfast for its Centre of Excellence”. Lord Peter Mandelson, a former Northern Ireland secretary in Tony Blair’s government, is the deputy chairman of the group. “This coupled with Belfast’s exceptional FinTech talent across multiple disciplines, makes it the logical choice for The Bank of London’s Centre of Excellence to power our UK expansion,” he said. The firm’s founder and chief executive Anthony Watson described Belfast as the UK’s “gateway city to the European Union”. Headquartered in London, with offices in New York and now Belfast, Northern Ireland, The Bank Of London are working in partnership with Abacus Careers to recruit a top-class team of professionals across a range of disciplines. Our clients are banks, clearing houses, digital & traditional asset firms, governments, financial services companies from local fintechs to global institutions, payment networks and non-financial brands seeking to launch fully compliant financial products and services in-country and cross-border.‘ We leverage our patented technology innovations and differentiated bank capabilities to lift economies and communities by powering the borderless economic infrastructure of the future. ‘The Bank of London is a leading-edge technology company and the world’s first purpose-built global clearing, agency and transaction bank. The creation of 232 new jobs at the Belfast based ‘UK Centre of Excellence’ is another marker in the steep growth trajectory of The Bank of London. The investment being made by this firm is significant, it reflects huge belief in the talent from the Northern Ireland market. Something really big is happening in the world of banking…The Bank of London has arrived in Belfast. ![]()
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