Bank Fraud Defense

Bank Fraud

Bank Fraud schemes may be prosecuted in either state or federal courts — although most are ultimately charged in federal court. (The determination of jurisdiction may depend on whether the bank is a national or a state bank or whether it was FDIC or FSLIC insured). The FBI, FDIC, FSLIC SEC, and other federal agencies have units that specifically focus on interstate and international bank fraud and savings and loan investigations. Other types of bank fraud investigations may involve:

• Check Fraud (using fake or altered checks)
• Counterfeiting (making fake currency, letters of credit or other financial instrument)
• Misuse of Checks (using a valid check for an improper purpose)
• Document Fraud (using altered or fake documents to support a loan)
• Embezzlement by bank employees or executives
• Misapplication of bank funds (generally by an employee)
• Loan Fraud & False Statements (making false statements on loan documents)
• Money Laundering
• Forgery (making a false signature to authorize payment or to endorse the check)
• Bank Bribery
• Credit Card Fraud (making a fake card or access device and/or using a fake card)
• Check Kiting (using the “float” by transferring money from one account to another to appear to have more money than actually exists — less likely today because of electronic clearing).
• Identity Theft (using another’s identity to engage in a financial transaction without authority)
• Internet Schemes (using the Internet in a banking scheme)
• Computer Fraud (using a computer to further a financial fraud or banking scheme)
• Mail Fraud (using the mails or delivery services to further a banking crime)
• Wire Fraud (using the Internet, telephones, telegraphs or other wire services to further a banking crime)
• Conspiracy (making an agreement to commit a banking crime)

The Wyatt Law Office routinely represents those charged with a variety of fraudulent schemes, conspiracies and other white collar crimes. While we are a small law firm, our practice focuses on these types of charges. Unlike many large firms, we don’t dabble in criminal law. We defend those charged with crimes, and that is virtually ALL that we do and we win.

For a more detailed examination of frauds, swindles and schemes, see our Fraud Crimes page.

BANK FRAUD §1344

Bank fraud is chargeable when one provides materially false information that is relied upon by a bank or financial institution in making a loan or transferring assets.

Whoever knowingly executes, or attempts to execute, a scheme or artifice—
(1) to defraud a financial institution; or
(2) to obtain 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.”

Bank fraud is punishable by fine up to $1,000,000 or imprisoned up to 30 year, or both.

MISAPPLICATION OF BANK FUNDS §656

Whoever, being an officer, director, agent or employee of, or connected in any capacity with any [bank or insured financial institution] . . . embezzles, abstracts, purloins or willfully misapplies any of the moneys, funds or credits of such bank, . . . or any moneys, funds, assets or securities intrusted to the custody or care of such bank . . . to the custody or care of any such agent, officer, director, employee or receiver,

shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both; but if the amount embezzled, abstracted, purloined or misapplied does not exceed $1,000, he shall be fined under this title or imprisoned not more than one year, or both.

As used in this section, the term “national bank” is synonymous with “national banking association”; “member bank” means and includes any national bank, state bank, or bank and trust company which has become a member of one of the Federal Reserve banks; “insured bank” includes any bank, banking association, trust company, savings bank, or other banking institution, the deposits of which are insured by the Federal Deposit Insurance Corporation; and the term “branch or agency of a foreign bank” means a branch or agency described in section 20(9) of this title. For purposes of this section, the term “depository institution holding company” has the meaning given such term in section 3 of the Federal Deposit Insurance Act.

LOAN FRAUD & FALSE STATEMENTS §1014

Whoever knowingly makes any false statement or report, or willfully overvalues any land, property or security, for the purpose of influencing in any way the action of [a specified bank or financial institution] upon any application, advance, discount, purchase, purchase agreement, repurchase agreement, commitment, loan, or insurance agreement or application for insurance or a guarantee, or any change or extension of any of the same, by renewal, deferment of action or otherwise, or the acceptance, release, or substitution of security therefor, shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.

The term “State-chartered credit union” includes a credit union chartered under the laws of a State of the United States, the District of Columbia, or any commonwealth, territory, or possession of the United States

OTHER ASSOCIATED CRIMES

Often as part of a bank fraud scheme, there are also allegations of mail fraud and/or wire fraud or conspiracy. For more information on those crimes, see below.

MAIL FRAUD

Mail fraud can be charged in any criminal case where the U.S. Mails or other common carriers (UPS, FedEx, etc.) are used to further the criminal act.

Whoever, having devised or intending to devise any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises, or to sell, dispose of, loan, exchange, alter, give away, distribute, supply, or furnish or procure for unlawful use any counterfeit or spurious coin, obligation, security, or other article . . . shall be guilty of a crime.”

Mail fraud is punishable by up to 20 years in federal prison, or if it involves a Presidentially declared disaster, then the punishment range is up to 30 years.

WIRE FRAUD

Essentially, wire fraud is the use of interstate wires (i.e., telephone or Internet) to facilitate a criminal scheme to defraud.

Whoever, having devised or intending to devise any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises, transmits or causes to be transmitted by means of wire, radio, or television communication in interstate or foreign commerce, . . . for the purpose of executing such scheme or artifice, shall be fined under this title or imprisoned not more than 20 years, or both.”

If the crime involves a Presidentially declared disaster, then the punishment range is up to 30 years; otherwise, the punishment range is zero to 20 years.

WE ARE LICENSED IN:

• U.S. District Court for Western Oklahoma (Oklahoma City)
• U.S. District Court for Eastern Oklahoma (Muskogee)
• U.S. District Court for Northern Oklahoma (Tulsa)
• U.S. District Court for Eastern Texas (Beaumont, Lufkin, Marshall, Plano, Sherman, Texarkana, and Tyler areas)
• U.S. District Court for Northern Texas (Abilene, Amarillo, Dallas, Ft. Worth, Lubbock, San Angelo, and Wichita Falls areas)
• U.S. Court of Appeals, Eighth Circuit
• U.S. Court of Appeals, Tenth Circuit
• Supreme Court of the United States

EXPERIENCED LAWYERS

Call the Wyatt Law Office at 405.234.5500 for your Oklahoma Bank Fraud Crimes Lawyers and Attorneys.

*Note: Results may vary because each case must be decided on its own unique facts and the law applicable to that given case. You should not infer the likelihood of success on a given case based on past cases handled by this firm.