Bank Fraud

Bank fraud is a white collar criminal offense that is perpetrated against a financial institution. It typically involves an individual or entity using fraudulent means to obtain funds or assets held by a bank. However, it can also occur when a financial institution makes misrepresentations in order to appear financially stable in order to persuade third parties to invest or deposit funds.

The Bank Fraud Statute

Bank fraud is a federal crime and it is defined by the Bank Fraud Statute as “Whoever knowingly executes, or attempts to execute, a scheme or artifice – (1) to defraud a financial institution; or (2) to obtain any of the moneys, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises.”

If you are found guilty of bank fraud, you could be sentenced for up to 30 years in federal prison and up to $1,000,000 penalty. In addition to these punishments, having bank fraud allegations made against you can severely damage your reputation and make it difficult to secure employment in the future.

Types of Bank Fraud

There are a variety of types of bank fraud including:

  • Accounting fraud
  • Check fraud
  • Credit card fraud
  • Embezzlement
  • Fraudulent loans or falsifying documents
  • Forgery
  • Identity theft
  • Internet fraud
  • Mortgage fraud
  • Stolen checks
  • Uninsured deposits
  • Wire transfer fraud

Charges of defrauding a financial institution should be taken very seriously. If you have been accused of committing bank fraud, it is imperative that you contact us immediately for the advice, guidance and legal protection you need.

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