How Much Prison Time Do Federal Fraud Convictions Carry in New York?

Fraud crimes are unfortunately quite common in New York, ranging from small misdemeanors to serious felony offenses. The penalties for a federal fraud conviction in New York can be severe, often involving lengthy prison sentences as well as hefty fines. This article will provide an overview of the typical sentencing guidelines and penalties for various federal fraud crimes committed in New York.

Common Federal Fraud Penalties

Here are some examples of typical penalties for major federal fraud convictions in New York:

• Wire fraud (using electronic communications like phone, internet, etc. to commit fraud) – Up to 20 years in prison if the scheme impacts financial institutions or public markets; otherwise up to 30 years. Fines up to $1 million for individuals, $5 million for organizations. [3]
• Mail fraud (using postal mail to commit fraud schemes) – Up to 20 years in prison. Fines up to $250,000 for individuals, $500,000 for organizations. [5]
• Bank fraud (schemes to defraud or obtain money under custody of a bank) – Up to 30 years in prison and fines up to $1 million. [4]
• Securities fraud (false statements about securities to obtain money) – Up to 25 years in prison and fines up to $5 million for individuals, $25 million for organizations. [4]
• Healthcare fraud (false billings to Medicare/Medicaid) – Up to 10 years in prison and fines up to $250,000. [4]
• Identity theft (using someone else’s identity to commit fraud) – Up to 15 years in prison and fines up to $250,000. [4]

Penalties are increased for losses over $1 million, for crimes committed by executives, and for prior fraud convictions. Restitution to victims is also typically ordered.

Bottom Line

Federal fraud convictions in New York often carry substantial prison sentences, especially for large-scale schemes involving millions of dollars in losses. While the sentencing guidelines provide a range, judges have wide discretion and can impose up to the statutory maximums outlined above. Having an experienced criminal defense attorney can be crucial in negotiating plea agreements or defending fraud charges at trial. The consequences of a conviction are severe, so anyone facing federal fraud charges should take them very seriously.