Contact Stephanie Schuman,
Principal Counsel & Attorney-at-Law
212-933-9420

Bank Fraud

WHAT IS BANK FRAUD?

Bank fraud, governed by 18 U.S.C. § 1344 is, broadly, a scheme to defraud a federal institution. 

ELEMENTS OF BANK FRAUD 

The elements of bank fraud, as defined by 18 U.S.C. § 1344, are: 

Defendant 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

PENALTIES FOR BANK FRAUD 

Penalties for an individual convicted of bank fraud include fines of up to $1,000,000 and/or up to 30 years' imprisonment.  

POTENTIAL DEFENSES AGAINST BANK FRAUD CHARGE 

LACK OF KNOWLEDGE OR INTENT TO DEFRAUD.

Although Defendant was involved in the scheme, they did not intend to participate in the scheme or they did not have knowledge of its false or fraudulent pretenses. 

ABSENCE OF MISREPRESENTATION.

All facts provided by the Defendant to the financial institution were true and accurate. 

IMMATERIALITY OF FRAUDULENT REPRESENTATIONS.

The fraudulent representations made by the Defendant were immaterial to the financial institution and the financial institution never faced potential loss. 

DURESS.

Defendant committed bank fraud under duress. 

FINANCIAL INSTITUTION WAS NOT FEDERALLY CHARTERED/INSURED.

18 U.S.C. § 1344 specifically proscribes schemes to defraud a federally chartered or insured financial institution, or to obtain monies owned by, or under the control of, such institutions. 

CONTACT LEAF LEGAL, P.C. TODAY 

If you or your company is facing federal bank fraud charges in the EDNY, SDNY, or anywhere else in the United States, our team at Leaf Legal, P.C. can help you challenge the sufficiency of the prosecution's evidence against you and build your defense. 

Contact us online or call us at 212-933-9420 to request a consultation. 

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