There has been an increase all forms of fraud in amounts between $30 and $50 billion on an annual basis. Many bank fraud activities consist of inside jobs that normally involve bankers, CEOs and small business owners.
Bank fraud is a white-collar crime in the United States. It is a criminal offense that takes place when someone illegally and knowingly obtains money or assets from a financial institution. Unlike bank robbery, bank fraud is distinguishably different in that the perpetrators find ways to keep their crime a secret.
Bank Fraud Laws
The US code for bank fraud is 18 U.S. Code 1344 which states that:
Whoever knowingly executes, or attempts to execute, a scheme or artifice-
(1) To defraud a financial institution; or
(2) To obtain any of the money, 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;
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shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
Laws involving bank fraud varies from one state to the other and can be either criminal or civil in nature depending on the monetary value of the fraudulent act and who the fraud was committed against.
• Criminal fraud involves the criminal intent of the perpetrator. Most criminal fraudulent offenses are felonies and could be punishable by probation, fines, jail time or all of the above.
• Civil fraud involves circumstances that are more broad in scope in which bad faith is usually involved in the act. Punishment involves penalties where not only is the perpetrator punished, but restitution is paid to the victim for their losses as well.
How Our Criminal Defense Team Can Help You
If you are facing charges for criminal or civil fraud, our team of experienced criminal defense attorneys can review and discuss your case with you. We will develop an appropriate defense strategy that addresses each charge that has been brought against you.
As New York bank fraud criminal defense attorneys, we will explain all of the legal ramifications surrounding your case. This includes making you- our client - aware of the fact that in the state of New York, bank fraud consists of both federal and state offenses. But because it is considered a nonviolent crime, it is referred to as a white collar crime that has been committed against a financial institution, a bank or a lienholder. Bank fraud normally involves illegally obtaining assets, property or money with the intent to commit fraud or otherwise illegal monetary actions.
Crimes such as embezzlement often take place in the State of New York also. Its offense is governed by 18 USC sections 656 & 657. This crime involves the misappropriation of property by someone in which the property was entrusted.
The punishment for embezzlement consists of the following:
• 30 years in prison
• A fine of up to $1 million dollars
• Or both
A New York District Attorney can charge you with a White Collar crime if you have made fraudulent records as it relates to a financial institution, or if you have committed the crime of Bribery.
Bribery, another crime that often takes place in New York, is governed by the federal statute 18 USC 215. It is an offense that involves offering, giving or promising something of value to an individual with the intent of providing some form of a reward to a financial institution, an employee or agent.
Additionally if employees, officers or agents accept something of value from an individual who has the intent of offering them a reward, this too is illegal.
There are very significant penalties for committing bribery. They include:
• A fine for up to 1 million dollars
• A fine for three times the amount of bribe
• 30 years in prison
If the bribe is less than $100, the penalty includes:
• A $1,000 fine, and
• A year in prison
Other White Collar crimes include obtaining loans under false pretenses, Grand Larceny, petit larceny or forgery, check kiting activities, processing counterfeited checks, credit card fraud or other White Collar Crimes.
Many of these crimes that take place in the New York area normally involve some form of interstate commerce, which is considered a federal offense. We have defense attorneys who are knowledgeable about this area as well and can explain any issues that may overlap that may also be involved with your case.
None-the-less, if charges have been filed against you for White Collar or other related crimes, please contact our office today so that we can develop the most appropriate defense strategy that addresses each charge that has been brought against you.
Contacting us as early in your case as possible allows us to provide you with the best legal representation in Long Island. Because not only is your freedom at stake, but so is your long-term consequences of obtaining a Criminal Record. Please, do not hesitate, contact our office today.