What is Federal Bank Fraud?
Federal bank fraud is a particular type of fraud offense that can be charged under Section 1344 of Title 18 of the United States Code. A person can face federal charges under this statute for a range of fraud-related offenses that involve the use of a financial or banking institution, ranging from seemingly smaller-scale offenses such as check kiting to very large fraud operations. Typically, according to the US Department of Justice (DOJ), when a person is charged with bank fraud under the federal statute, they are often facing additional criminal charges, as well. The DOJ describes the bank fraud statute “as a supplement to, rather than a substitute for, other criminal provisions relating to fraud perpetrated on insured financial institutions.”
Our federal criminal defense attorneys in Tampa can provide you with more information about federal bank fraud and what you can expect.
Defining Bank Fraud Under 18 USC 1344
The federal bank fraud statute says that, “whoever knowingly executes, or attempts to execute, a scheme or artifice” that does one of the following “shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both” under federal law:
- Defrauds a financial institution; or
- Obtains 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.
In other words, if you defraud (or attempt to defraud) a bank, or you obtain (or attempt to obtain) assets from a bank through fraud, you can face a fine of up to $1 million and up to 30 years in prison. To be sure, this is a “white-collar” offense that reveals how seriously white-collar crime is taken under federal law.
A financial institution under the statute includes any institution “chartered under the laws of the United States or insured by the Federal Deposit Insurance Corporation (FDIC), the Federal Savings and Loan Insurance Corporation (now defunct), or the National Credit Union Administration.” In other words, nearly any banking or financial institution is covered.
Types of Fraud Involved in Federal Bank Fraud Cases
There are a number of other federal criminal statutes that are often charged in connection with a criminal charge under 18 USC 1344. Some of those other criminal fraud statutes that are linked to bank fraud include but are not limited to:
- Bribery under 18 USC 215;
- Theft by bank examiner under 18 USC 655;
- Check kiting under 18 USC 656;
- Making false bank entries under 18 USC 1005; or
- Providing fraudulent information on a bank loan or credit application under 18 USC 1014.
Contact Our Tampa Criminal Defense Lawyers for Helping Defending Against Federal Bank Fraud Charges in Florida
If you are being investigated for bank fraud or have already been arrested for or charged with federal bank fraud, it is critical to have a fraud defense attorney on your side who has experience handling federal criminal charges. One of the experienced Tampa fraud defense attorneys at the Law Offices of Daniel J. Fernandez, P.A. can discuss the details of your case with you today. We have years of experience representing defendants in federal criminal cases, including various forms of fraud. We can begin working with you to build a strong defense to the charges you are facing. Contact us for additional information.
Source:
justice.gov/archives/jm/criminal-resource-manual-826-applicability-18-usc-1344
