Bank Fraud – 18 USC § 1344

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Under 18 USC §1344, bank fraud occurs when an individual or entity knowingly engages in a scheme to defraud a financial institution. Bank fraud may also occur when an individual obtains any of the money of a financial institution by means of false or fraudulent pretenses, representations, or promises.

A material misrepresentation may take many forms. To be fraudulent, any misrepresentation must be related to the scheme. It must either help the defendant perpetrate the crime or convince a purported victim to believe the defendant. Federal bank fraud requires that a scheme to defraud must have existed at the time the alleged crime occurred. A scheme is a course of action taken to deprive another person, business, or organization of property or money. For an alleged crime of bank fraud, the other person, business, or organization is a financial institution.

If you are facing allegations of bank fraud, mail fraud, or other types of fraud, it is important to seek the legal representation of an experienced New York fraud attorney right away.

Related Offenses:

The Definition of Bank Fraud in New York

Under 18 USC §1344, bank fraud occurs when an individual or entity knowingly engages in a scheme to defraud a financial institution. Bank fraud may also occur when an individual obtains any money from a financial institution by means of false or fraudulent pretenses, representations, or promises.

Federal criminal code says that bank fraud can be committed by a defendant when they execute or attempt the execution of a scheme, artifice, or other means to defraud a financial institution. Bank fraud can also occur if the person gains any money, funds or credit, assets, securities, and other property that is under the custody of a financial institution by scheming or artifice.

The following are some of the common terms involved in a bank fraud case:

Scheme or Artifice – There is no exact definition of “scheme, artifice” but it is often understood to be a plan to deceive others through false or fraudulent pretenses to get money, property, and services. An example of a scheme is impersonating another person to withdraw funds from his bank account.
Fraud – Fraud is defined as a deceptive act designed to result in financial gain. Impersonating another person is considered a fraudulent act if the reason behind the act is to gain finances that belong to someone else.
Pretenses, Representations, or Promises – False representations, promises, and pretenses are a variety of criminal actions that can be equated to lying or creating a false narrative. For example, if a person impersonates someone else and tells the bank teller that they are who they are impersonating, then they are committing the act of false pretense or false representation. An example of a false promise would be to sign a promissory notice to repay a loan knowing full well that it will not be repaid.

If you are facing bank fraud charges in New York, it is important to seek the help of experienced bank fraud attorneys right away. A skilled lawyer may be able to help you create a solid defense to protect your rights and freedom. Contact us today to schedule a free consultation.

Types Of Bank Fraud Charges

Types of bank fraud include bank impersonation, forgery, fraudulent loans, and internet fraud:

Bank impersonation occurs when one or more person acts as a financial institution, often by setting up fake companies or creating websites, in order to lure people into depositing funds.
Forgery occurs when a person alters a check, such as adding a zero to the end of a number, resulting in more money being deposited in the forger’s pocket than intended by the check writer. Forging a person’s signature in order to cash or deposit a check is also considered forgery.
An individual who takes out a loan, knowing that he or she will immediately default on the loan or file bankruptcy has committed bank fraud. An individual has also committed bank fraud if he or she uses a false identity to obtain a loan or forges information on a loan application.
Internet fraud occurs when someone creates a website for the purposes of posing as a financial institution to fraudulently obtain money deposited by other people.

When someone is charged under 18 USC §1344, the prosecution must prove beyond a reasonable doubt that:

There was a scheme to defraud a bank or other financial institution or to obtain money, funds, credits, assets, securities, or other property owned by or in the custody or control of a bank or other financial institution by means of false or fraudulent pretenses, representations, or promises;
The defendant knowingly executed the scheme;
The defendant acted with the intent to defraud; and
The scheme involved a materially false or fraudulent pretense, representation, or promise.

A conviction for bank fraud can have a wide range of consequences including incarceration, career decimation, or even deportation for a non-citizen. If convicted of bank fraud, the defendant may be sentenced to up to 30 years in prison and fines reaching $100,000, plus full restitution costs.

Bank Fraud Defense Lawyers Penalties For A Bank Fraud Case

Bank fraud convictions are punishable under federal law. The statute allows bank fraud convictions to be sentenced to up to 30 years in prison and/or a maximum of $1 million fine.

The severity of punishment will vary depending on the facts of each case. Federal sentencing guidelines specify the amount of punishment to be applied based upon the value of the property or money involved, as well as other factors.

Financial crimes can also include violations of federal statutes such as the Racketeer Induced and Corrupt Organizations Act (RICO) or the Patriot Act. Violations of these statutes could increase a defendant’s risk of receiving a harsh sentence.

Criminal Defense Lawyers ExplainsPossible Defenses to Bank Fraud

There is a 10-year statute of limitations for a bank fraud charge and this can also serve as a defense. This means that bank fraud must be brought against the defendant within ten years of being committed. This is important because many statutes start running from when the crime is committed. Many crimes involving fraud are often discovered years after they were committed. However, the federal statute specifically states the statute of limitations runs from the date the fraud is committed.

Reviewing the criminal investigation by law enforcement may reveal other defenses. The Fourth Amendment of the U.S. Constitution, for example, protects citizens from unlawful searches and seizures, including electronic surveillance. The evidence against the accused can be diminished if the law enforcement agency conducts surveillance or other searches and seizes without court approval (a warrant).

Finally, the most common defense to fraud charges is that a defendant didn’t intend to defraud. Bank fraud can be caused by incorrect financial records submitted by a defendant that was not intentionally falsified. If the financial records are technically falsified due to incorrect bookkeeping, but not intentional falsification, the defendant has no liability for bank fraud.

Getting The Help Of Experienced NYC Bank Fraud Criminal Lawyer

Being charged with bank fraud can carry severe penalties that can impact a person’s life for a long time. This is why it is very important to seek the help of an experienced bank fraud attorney. Having a skilled defense lawyer when it comes to charges of bank fraud may help the defendant create solid defense strategies.

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