Bank Fraud

Defrauding a federally insured bank is a serious criminal offense. This is a federal offense which may be punished by up to 30 years in state prison as well as a fine of up to $1,000,000. Not only will an offender face criminal charges for bank fraud, but he or she may also face a civil lawsuit as well, should the bank decide to file a lawsuit to recover damages.

Understanding Bank Fraud

Bank fraud may include any type of scheme that is intended to unlawfully obtain money, assets or other valuable property owned, controlled or held by a financial institution. The specific definition of this crime will vary depending on the jurisdiction (bank fraud and similar acts may be charged under state law as well as federal law). It is often considered a white collar crime because it involves finances and is a non-violent theft crime.

While any attempt or act of fraud or misrepresentation may be considered bank fraud, it may involve specific acts such as: check kiting, check fraud, using stolen checks, fraudulent use of ATMs and misrepresentation on loan applications. Other crimes may also be involved, including forgery, counterfeiting, loan fraud, mail fraud or wire fraud.

Because bank fraud is a federal offense, a suspect may face investigation by federal agencies, which typically have more resources and manpower to devote to thorough, long-term investigations and surveillance than agencies at a local or state level. Federal prosecutors are also often more experienced and have more resources at their disposal than state prosecutors. Immediate, aggressive criminal defense counsel is crucial in the face of bank fraud allegations, whether formal or informal.

Click here to find a criminal defense attorney in your area - and find out more about bank fraud charges and what can be done in the face of these.