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Bank Fraud Lawyers in New York

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Under 18 USC §1344, bank fraud occurs when an individual or entity knowingly engages in a scheme to defraud a financial institution, such as a bank. Bank fraud may also occur when an individual obtains any of the money of a financial institution by means of false or fraudulent pretenses, representations, or promises.

A material misrepresentation may take many forms. To be fraudulent, any misrepresentation must be related to the scheme. It must either help the defendant perpetrate the crime or convince a purported victim to believe the defendant. Federal bank fraud requires that a scheme to defraud must have existed at the time the alleged crime occurred. A scheme is a course of action taken to deprive another person, business, or organization of property or money. For an alleged crime of bank fraud, the other person, business, or organization is a financial institution.

Call Lebedin Kofman LLP today at (646) 663-4430 or contact us online to schedule a free consultation with one of our bank fraud lawyers in New York.

Types of Bank Fraud Offenses

Types of bank fraud include bank impersonation, forgery, fraudulent loans, and internet fraud. Bank impersonation occurs when one or more person acts as a financial institution, often by setting up fake companies or creating websites, in order to lure people into depositing funds. Forgery occurs when a person alters a check, such as adding a zero to the end of a number, resulting in more money being deposited in the forger’s pocket than intended by the check writer. Forging a person’s signature in order to cash or deposit a check is also considered forgery. An individual who takes out a loan, knowing that he or she will immediately default on the loan or file bankruptcy has committed bank fraud. An individual has also committed bank fraud if he or she uses a false identity to obtain a loan or forges information on a loan application. Internet fraud occurs when someone creates a website for the purposes of posing as a bank or other financial institution to fraudulently obtain money deposited by other people.

When someone is charged under 18 USC §1344, the prosecution must prove beyond a reasonable doubt that:

  • There was a scheme to defraud a bank or other financial institution or to obtain moneys, funds, credits, assets, securities, or other property owned by or in the custody or control of a bank or other financial institution by means of false or fraudulent pretenses, representations, or promises;
  • The defendant knowingly executed the scheme;
  • The defendant acted with the intent to defraud; and
  • The scheme involved a materially false or fraudulent pretense, representation, or promise.

A conviction for bank fraud can have a wide range of consequences including incarceration, career decimation, or even deportation for a non-citizen. If convicted of bank fraud, the defendant may be sentenced to up to 30 years in prison and fines reaching $100,000, plus full restitution costs.

Call our bank fraud lawyers in New York at (646) 663-4430 for a free consultation.

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