NYT - In 1984, Mr. Thomas Sung, along with business leaders from the Chinese community that included Lower Manhattan, formed the Abacas Federal Savings Bank. The bank became an important financial source for Chinese people in northeastern United States. Because the bank was primarily for Chinese customers, it can be classed as an "affinity bank". Abacas mortgages were sold to other financial institutions to raise cash for the bank after a "run" occurred on the bank when it was disclosed a bank manager had helped himself to $1 million of customers' money. It was discovered very lax mortgage requirements applied to many of the sold mortgages, smacking of a scheme. Ms Jill Sung became Bank CEO and her father Thomas became Chairman of the Board.
Neither Sung has been charged in the mortgage schemes. However, 19 "former" employees were charged, with some of them requiring a translator for them to understand the charges. Mr. Yiu Wah Wong was the most senior manager of the bank and one of those charged. According to Mr. Edward Starishevsky. an assistant district attorney, "Mr. Wong was involved in this entire conspiracy from beginning to end". He was arrested in April and has been free on $100,000 bail. Those charged could face up to 25 years in prison. It's not uncommon for a specific race or group to be called an "affinity" when gathered together.
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