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The most commonly used federal statute for prosecuting bank fraud is 18 U.S.C. § 1344. This makes it a federal crime to participate in a scheme to defraud a federally insured financial institution - generally, any bank or credit union whose deposits are federally insured - or to obtain money controlled by, or property owned by a financial institution using false or fraudulent statements. Another provision of § 1344 makes it a crime to knowingly participate in a scheme to defraud by means of material false pretenses or statements. The potential penalties for bank fraud are severe: conviction on just a single count under § 1344 allows fines of up to $1,000,000, imprisonment for up to 30 years, or both. State laws, too, criminalize this type of fraud, and often such laws apply to a very wide range of conduct. Birrell Law Firm has MN Bank Fraud Lawyers that are here to help! - (612) 238-1939
We Have the Experience Necessary to Help You in Your Fraud Case
Although many instances of bank fraud overlap with the more general laws prohibiting wire fraud and mail fraud, there are critical distinctions between them. One is the statute of limitations. The federal statute of limitations for mail and wire fraud is five years, meaning once five years have passed after an act constituting mail or wire fraud, an individual cannot be prosecuted for the crime. The bank-fraud statute doubles that to ten years, allowing the government to bring severe charges for actions that happened long ago.
While bank fraud is an exceptionally broad crime, defenses do exist. A prosecutor must prove, for example, that a misrepresentation to a financial institution was “material,” that is, capable of influencing a bank’s actions. A prosecutor must also prove that the person accused had the specific intent to defraud. A skilled defense attorney could argue their client had no intent to defraud anyone, or could argue their client made misrepresentations but they were so minor they were not "material."
If you have been charged with this crime, hiring an attorney experienced in cases involving complex financial transactions will be critical.
A common example of a bank fraud charge is mortgage fraud, in which one or more persons make misrepresentations in connection with a bank issuing a mortgage loan. An appraiser or underwriter, for instance, might artificially inflate a property’s value to induce a bank to lend more than the property is worth, with the loan excess then siphoned off from the transaction.
Hire A Criminal Defense Attorney That Will Give You Results
If you have been charged with any type of state or federal bank fraud crime, hiring a bank fraud lawyer experienced in cases involving complex financial transactions is critical. Employing a lawyer on your behalf before you talk to a police officer or federal agent is one of your rights as an American. The attorneys at Birrell Criminal Defense have handled many complex bank fraud cases involving unique legal and factual issues. We build teams with investigators, CPAs, and forensic accountants to protect you. We encourage you to speak with us privately before you talk to anyone else about these matters. Contact us today.
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Our Bank Fraud Lawyers are resourceful, tough, and committed to our clients’ interests, and we have the ability to keep the orders, verdicts and judgments we obtain on appeal.
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