New York Bank Fraud Attorney
If a federal investigation uncovers evidence that you have used deception or deceit to obtain money from a financial institution, you could be charged with bank fraud. Defined as any scheme to “defraud a financial institution,” bank fraud is a serious federal offense. If prosecuted, you face imprisonment in federal prison and hefty fines.
If bank fraud charges have been filed against you, the sooner you obtain legal counsel, the better. I, Attorney Peter Katz, offer free consultations to better help you understand the severity of the charges and what options may be available to you. If you are ready to take the first step, please contact my office by phone or online to schedule your complimentary consultation.
What are the Components of Fraud?
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.
What is Bank Fraud?
According to 18 U.S.C. §1344, bank fraud is defined as a person knowingly executing or attempting to execute a scheme or artifice:
- To defraud a financial institution
- To obtain any of the 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
As a federal defense attorney, I know that a federal prosecutor must establish that you knowingly defrauded a bank or other financial institution. This requires the government to have supporting documentation or testimony that you had knowledge of the fraud. Since a criminal conviction requires the jury’s verdict to be unanimous, I only need to create doubt in at least one of the jurors’ minds.
Types of Bank Fraud
Federal bank fraud may involve any of the following:
- Mortgage fraud: Providing a financial institution or bank with false information about your income or assets to acquire a mortgage.
- Counterfeiting money: Creating fake currency or altering U.S. currency.
- Credit and debit card fraud: Accessing and stealing information from a credit and debit card to make unauthorized purchases,
- Check fraud: May include (1) stealing checks, (2) writing a check that will overdraw a bank account, (3) signing or endorsing a check not payable to the endorser, and (4) using special chemicals to remove information, like the amount and date, from a check.
- Skimming: Duplicating the information on the magnetic strip of a credit or debit card to make online purchases. Skimming commonly occurs at gas pumps, ATMs, and other automated purchasing machines.
Federal Law Penalties for Bank Fraud
Sentencing under federal law is determined by the Federal Sentencing Guidelines. These guidelines establish minimum sentences for federal offenses based on five criteria. If the victim suffered a financial loss, then the base level will increase based on the amount defrauded. Even though fraud has a lower offense level, typically at 7, do not be fooled—a conviction may result in up to 30 years in federal prison and $1 million in fines.
Serious Representation for Serious Charges
Having a bank fraud offense on your record can result in extensive prison time, exorbitant fines, and a tarnished reputation. If you are ready to take control of your legal predicament, do not hesitate to contact me. When you are ready to arrange your initial meeting, contact my office online. I offer free consultations.