On June 3, 2015, Tom Rotko won a full acquittal for his client, Raymond Tam, in a high-profile trial in New York State Supreme Court in New York, NY. As detailed in the New York Times, after a four month jury trial, Mr. Tam was acquitted of all 80 counts against him, including grand larceny, mortgage fraud and conspiracy.
In particular, the prosecution claimed that over a five year period Mr. Tam, Abacus Bank and one other individual sold mortgages to Federal National Mortgage Association (Fannie Mae) that contained alleged false statements regarding income, assets and other borrower qualifications. Mr. Tam was a supervisor in the bank’s loan origination department. In acquitting Mr. Tam, the jury rejected the prosecutions theory that Mr. Tam and others systematically lied in the loan applications and other documents. Abacus, the only financial institution charged criminally in connection with the 2008 financial crisis, was also acquitted of all charges.