Bank Fraud Lawyer in Princeton, NJ

What are the Components of Fraud?

Have you or a loved one been accused of bank fraud? If so, our office would like to hear from you. When you work with Peter Katz, you work with a federal defense attorney with nearly 30 years of experience on both sides of the courtroom. I understand the gravity of bank fraud charges and what a criminal record can mean for your personal and professional future.

Under common law, the five elements of fraud entail the following:

• Material misrepresentation
• Of a material fact
• Made with knowledge of its falsity
• The accused intends to deceive another
• Action is taken reliant upon the misrepresentation

The prosecution must prove each of these elements separately to convict you of fraud. There are various types of fraud, each with its unique requirements. Below, I specifically discuss bank fraud and punishments under federal law.

The Bank Fraud Statute

The bank fraud statute, under Title 18 of the United States Code §1344, criminalizes anyone who knowingly conducts, or attempts to conduct, a fraudulent scheme:

• To defraud a financial institution
• Obtain any money, 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.

If convicted, you may be sentenced to 30 years in prison and have to pay $1 million in fines.

Aggravated Identity Theft Statute

In addition to being charged under the bank fraud statute, federal prosecutors may also bring an aggravated identity theft charge. Codified as 18 U.S.C. §1028(a), an individual will be found guilty of aggravated identity theft if he or she knowingly transfers, possesses, or uses a person’s means of identification without prior authorization.

Under the statute, a person may be imprisoned for two years if found violating the law. However, if the offense is performed in connection with terrorism, you may be sentenced to five years in federal prison.

The Importance of Obtaining Skilled and Reliable Counsel

Even though a bank fraud charge may be intimidating, I am prepared to craft a defense to give your case the strongest chance of success. The prosecution has the most demanding task: proving your guilt beyond a reasonable doubt. While many people get confused about what ‘reasonable doubt’ means, it simply implies that a person of reasonable intelligence would have no doubt regarding your connection to the fraud.

The federal court system is unique in that these courts only hear cases pertaining to the U.S. government, the U.S. Constitution, or other federal laws. If a criminal offense took place across state lines, it would also be under the jurisdiction of a federal court.

The federal court system is subject to its own court procedures and deadlines. If you are facing federal charges, you want to work with an attorney experienced in the federal court system.

Legal Defenses

Defenses that may be raised in a bank fraud case may include:

Lack of Intent

If you can demonstrate that you did not mean to commit fraud, then the element of intent required for a bank fraud conviction will not be met. For instance, if you provide incorrect income information on a mortgage application, you could argue that it was done in error, not in an effort to defraud the bank.

Furthermore, if someone else filled out the application for you, you may be able to avoid liability if you can show evidence that you attempted to rectify the situation after learning about it.

Lack of Materiality

At common law, fraud requires a material misrepresentation of a material fact. This means the falsifying or withholding information must have been integral to the transaction. A defense attorney may argue that the misrepresentation was insignificant to the fraud at hand.

Trust Our Experienced NJ Bank Fraud Attorney

Being accused of bank fraud places your freedom at stake. The sooner you can obtain representation, the sooner effective defense strategies can be formulated. If you are ready to arrange your free consultation, please contact our office by completing the online contact form.