If we ever hope to do more than toss a heap of weak charges at low-level offenders like Abacus, we’ll have to come to a better definition of what it is. We live in what some call a golden era of white-collar crime. Taub, a law professor, finds that white-collar crime probably costs victims between $300 and $800 billion per year, while street-level crimes like burglary, larceny, and theft cost victims around $16 billion. It’s not because it is less costly or because wealthy professionals inflict less harm. While the FBI obsessively measures other crime, it does not have a comprehensive gauge of corporate fraud, executive fraud, tax evasion, or embezzlement. With no clear definition, there’s also no official measurement of white-collar crime. Friedrichs, a scholar of white-collar crime, has written, coming up with “a single, coherent, and universally accepted and invoked definition of white collar crime is an exercise in futility.” Sure, illicit payments, tax evasion, intellectual property theft, and fraud come to mind, but what about corporations that dump toxic waste into canals or banks like Wells Fargo that encourage their employees to open fake accounts at the expense of their customers? What about someone who uses a counterfeit $10 bill? As Professor David O. To understand why that is, we have to understand something fundamental: We don’t even have a mutually agreed-upon definition of what “white-collar crime” is.
White-collar criminal cases fail to target the most privileged people. Taub, a law professor, thinks the D.A.’s office was working from a skewed premise. “If we’ve learned anything from the recent mortgage crisis,” he told The New York Times, “it’s that at some point, these schemes will unravel and taxpayers could be left holding the bag.” It was unprecedented to charge an institution for fraud, and it was clear that Vance thought of this case as somehow fitting into the larger historical context of the financial crisis. brought a jaw-dropping 240 counts of grand larceny, conspiracy, mortgage fraud, and falsifying business records against the entire bank. Yet in May 2012, District Attorney Cyrus R. The executives at Abacus knew about this, because they had discovered it themselves and had fired Yu. Seven other employees did similar things.
The crime, at least at first, appeared to be that Ken Yu, a low-level loan originator, fraudulently made loans, pressured clients to give him kickbacks, and stole money from the bank. Please contact Boya Li, Marketing Manager, for all press-related inquiries at For your protection, DO NOT include confidential personal information such as account numbers or Social Security numbers in your message to us.Abacus was a baffling target because it was a bank that lent mainly to the Chinese immigrant community in the neighborhood. For other inquires or issues, please call the main number 21 then followed by a 4 digits extension number, Monday through Friday, 9:00am to 5:00pm EST.įor account related issues please email: you are an online Banking customer, please log in to Abacus Federal Savings online banking to send a secure email.įor loan payment questions please email: mortgage related issues please email: Inquiries.
Telephone banking is available in English and Mandarin. 24/7 Telephone Banking Services: Please call 1-88.Please contact our Call Center(information provided above) for online banking and mobile banking login issues during Call center business hours.Please use our new Branch Call Center which has live customer service representatives.Īddress:116 Nassau Street, New York, NY 10038Īddress:36-30 Main Street, Flushing, NY 11354Īddress: 869 US Highway 1, Edison, NJ 08817Īddress:147 North 10th Street, Philadelphia, PA 19107 Abacus Bank will NEVER request through email, text, or unsolicited phone call your bank card number, account number, Social Security number, Personal Identification number (PIN) or password.īranch hours are temporary changed to support our continued efforts to keep our customers and employees safe during this challenging time.
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