![]() ![]() The Sungs assumed they were helping the DA’s office with the fraud case against their former employee. They immediately fired him, hired outside investigators to uncover any other staff members who were involved and even willingly provided binders of evidence to the police precinct. “Abacus: Small Enough to Jail” compares Thomas Sung to George Bailey, the good-hearted banker played by Jimmy Stewart in “It’s A Wonderful Life,” who is beloved by the community he serves.īut trouble began in 2009, when Vera and Jill caught one of their loan officers running a money-laundering operation. Thomas primarily served Chinese immigrants who often had no experience dealing with the banking system in America. He consistently saw that banks in the area would take deposits from Chinese residents, but wouldn’t offer them loans to buy homes or start their own businesses. He is an immigrant himself, who came to the US from Shanghai at age 16. At the time, there were no Chinese-owned banks serving the Chinese immigrant community, he says in the documentary. “It’s critical to our survival as a business that our reputation is good,” says Jill.īefore Thomas Sung started Abacus, he worked as an immigration lawyer, often doing pro bono work for the New York Chinatown community. Jill says she feared losing loyal customers and partners. It was maddening,” says Vera about the spectacle surrounding the arrests. “It was just so damning and strips you of any presumption of innocence. The bank was charged on 184 counts, including mortgage fraud, conspiracy of mortgage fraud, grand larceny and security fraud. Reporters were then given a rare photo opportunity when 15 of Abacus’ former employees were handcuffed like a chain gang and led through the New York courthouse. He surrounded himself with federal agents who had come from Washington, D.C. In 2012, the Manhattan District Attorney’s office, led by Cyrus Vance Jr., held a press conference announcing the indictment of Abacus Federal Savings Bank. But meals were particularly revealing we found, which is why we made sure to film them eating frequently.” “It was a dynamic that we would see play out in all their interactions. “They were by turns irreverent toward each other, angry at the case that they were fighting, proud of their family legacy, while all the time acting like amateur food critics on the meal they were eating,” he says. James, known for his work on “Hoop Dreams” and “Life Itself,” was on board shortly after he met the Sungs, not only because he thought their story was important, but because he found them so entertaining. (This documentary was distributed by PBS and Frontline, which is owned by WGBH, the parent company of PRI.) All three are trained as lawyers, while their fourth sister, Heather, is a doctor.įor five years, the Sung family was embroiled in a fight against the government, which is the subject of Steve James’ 2017 documentary “Abacus: Small Enough to Jail.” Producer Mark Mitten, a longtime friend of Vera’s, first suggested a documentary should be made when he learned that their bank was the only financial institution that was indicted in the wake of the 2008 financial crisis. Chanterelle, the youngest of the family, is a former prosecutor who now works in pharmaceutical corporate security. Vera is the director of the board and Jill is the president and CEO. Vera and Jill work at Abacus Federal Savings Bank, a small bank in Chinatown, New York that their father Thomas Sung founded in 1984. “But my father’s side was very business-oriented, and we joke that my father’s side of the family suffocated any creativity that was left on my mother’s side.” “My mother’s side of the family was very creative,” says Jill Sung. Two of the sisters were named after actresses, Jill St. On March 4, they’ll attend the Academy Awards ceremony, where the film about their fight against fraud charges is nominated for Best Documentary Feature.īefore the documentary, the family's only connection to Hollywood was by name. The Sung sisters, Vera, Jill and Chantrelle, still find it bewildering that they went from being accused of mortgage fraud to being the stars of an Oscar-nominated documentary. ![]()
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