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June 1, 2012

NYC bank indicted on mortgage fraud

NEW YORK (AP) — A New York bank and 19 ex-employees have been indicted on charges of issuing hundreds of millions of dollars of fraudulent mortgages that were later peddled as promising securities to unwitting investors.

Manhattan District Attorney Cyrus R. Vance Jr. announced mortgage fraud and other charges Thursday against Abacus Federal Savings Bank and the workers.


 
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