Bank / Financial Institution Fraud

If you are under financial pressure it may be very tempting to come up with a scam to deceptively obtain money from a bank to cover your bills. But if you use theft or deception to intentionally take money or property that is owned or managed by a bank, you risk being indicted for federal bank fraud.

Federal investigators will work hard to amass evidence that builds a strong case against you, and they will turn it all over to a determined federal prosecutor who will seek the maximum penalties. If you are charged with bank fraud, you need to retain an experienced defense attorney as soon as you can.

What You Need To Know About Federal Bank Fraud

US law makes it illegal to knowingly implement, or attempt to implement, a scheme to defraud a bank or any other financial institution.

It is also a federal criminal offense to knowingly implement, or try to implement, a scheme to obtain the money, credits, assets, securities or other property owned by or under the custody or control of a bank or any other financial institution using fraud.

Federal bank fraud covers a broad spectrum of activities that include mortgage fraud, check fraud, credit card fraud, fraudulent loan application fraud, hedge fund fraud and securities fraud.

Frequently those indicted for bank fraud are mortgage bankers, financial advisors, attorneys, accountants and others who could be in a position to defraud a bank.

Bank or credit union employees can also draw charges, which are frequently classified as federal embezzlement, for stealing funds that they manage or monitor as part of their job.

Mortgage Fraud

In the aftermath of the housing market crisis in 2007, mortgage fraud has drawn the intense focus of federal authorities.

Mortgage fraud covers real estate-related schemes aimed at defrauding banks.

The FBI has given mortgage fraud one of its highest priorities because of the immense amounts of money lost. Federal authorities are honing in on mortgage fraud schemes that include foreclosure rescue scams and predatory lending.

Penalties

If you are convicted of bank fraud, you can face up to 30 years in a federal prison and/or a $1,000,000 fine.

Federal prosecutors can and will charge you with multiple counts of bank fraud for each action. For example, if you are found guilty of using a stolen credit card you can receive one count for every cash advance you took.

How A Lawyer Will Help

When you are up against a fraud charge, you will be facing inflexible laws and a determined US prosecutor. You will need an attorney who can help you determine all of your options and achieve the best outcome for your circumstances.

United States Code

Read more about federal criminal offenses in the United States Code.