Essentially, he says that it would have been too hard to prove charges against the big banks. What was unusual about this case was that the Sungs actually chose the risky and expensive, yet principled path to fight back.ĭistrict Attorney Vance also admits in the film that he considers much of what the big banks did leading up the financial crisis as “less than ethical,” but he did not seek any indictments against them. Prosecutors know this and often use it as leverage in their case to score a quick victory with a big-fine settlement.
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In white collar cases, the repetitional damage from even the mere allegation of a criminal act by a business or its executives can be devastating to professional futures. Nevermind that even the allegations, let alone the actual truth of what happened at Abacus, did not have anything to do with the mortgage lending crisis from 2008. In front of the cameras with the microphones on, the prosecutors did not simply state the charges that they were alleging, but instead used their platform to make sweeping pronouncements about the excesses of the financial system. For example, instead of simply filing the requisite charging documents with the court, District Attorney Vance announced the indictment of Abacus and several of its top executives in a large press conference for the media. Though politics is not supposed to play a role in our justice system, we know that it does. The Politics Involved in a White-Collar Case that are very revealing.įor me as a white-collar defense attorney, the film illuminates several things I see all the time in prosecutions of businesses and individuals accused of business crimes. There are also extended interviews with the attorneys on both sides, including Manhattan District Attorney Cyrus Vance, Jr.
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Some of the best scenes from the film are around the dinner table when the father, Thomas Sung, who started the bank, talks trial strategy with his wife Hwei Lin Sung, and their three daughters Jill, Vera, and Chanterelle Sung, all of whom work for the bank in some capacity. The film does a great job showing what it’s like to be under the great weight of the State when it makes false allegations against you. The documentary has incredible access to the family in real time as the trial takes place. Yet this tight-knit, courageous family fights back to set the record straight for themselves and the Chinese-American community. As the film’s title indicates, unlike the high-powered big banks of Wall Street, this community bank appears to be “small enough to jail” for its purported role in the 2008 financial crisis. The film centers on how the Sungs, a Chinese-American immigrant family who runs a storied community bank in New York’s Chinatown (Abacus Federal Savings Bank), became the target of an overzealous prosecution by the Manhattan District Attorney’s Office.
It is high in suspense, surprisingly funny, and has a certain charm to it despite the outrageous legal case that it depicts. This event is co-sponsored by Brooklyn Law School’s Asian-Pacific American Law Students Association (APALSA).If there’s one film from this year’s Oscars nominations that you should watch, it’s the documentary film Abacus: Small Enough to Jail.
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This film is available for download from Amazon and iTunes. Sung will be joined by his daughters Vera Sung, Esq., who sits on the board of directors for Abacus, Jill Sung, Esq., the bank’s president and CEO, and Chanterelle Sung, Esq., who was working in the Manhattan District Attorney's office at the time of the indictment. The indictment and subsequent trial forced the Sung family to defend themselves – and their bank’s legacy in the Chinatown community – over the course of a five-year legal battle. bank to face criminal charges in the wake of the 2008 financial crisis. The film portrays the incredible saga of the Sung family and the community bank they own and operate in New York’s Chinatown.Īccused of mortgage fraud, Abacus was the only U.S. Join us for a discussion with Dean Nick Allard and Thomas Sung ’64, Founder and Chairman of Abacus Federal Savings Bank, subject of the Oscar-nominated documentary Abacus: Small Enough to Jail.
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