Bank fraud is one of the most aggressively prosecuted federal crimes in the United States. Under 18 U.S. Code § 1344, it is a felony to knowingly execute or attempt to execute a scheme to defraud a federally insured financial institution or to obtain money, assets, or property from a bank through false or fraudulent pretenses, representations, or promises. This statute covers a wide range of conduct, from making false statements on loan applications to complex embezzlement schemes and identity theft.

Common Examples of Bank Fraud

Bank fraud can take many forms, including:

• Submitting false financial statements or omitting debts on loan applications.
• Using fictitious names or overstating income to secure credit.
• Identity theft for financial gain, such as stealing credit card numbers.
• Forging signatures or altering checks to withdraw funds fraudulently.
• Misusing loaned money or providing false information about collateral.

Penalties for Bank Fraud

The penalties for violating 18 USC § 1344 are severe. A conviction can result in up to 30 years in federal prison and fines up to $1,000,000. The amount of financial loss influences sentences, the defendant's criminal history, and their role in the offense. Courts may also order restitution, requiring repayment of losses to the victimized institution.

Defending Against Bank Fraud Charges

To secure a conviction, prosecutors must prove that the accused knowingly engaged in a scheme to defraud a financial institution and that the institution suffered or risked financial loss. Common defenses include lack of intent, honest mistake, insufficient evidence, or that the alleged misrepresentation was not material to the bank's decision. Challenging the legality of how evidence was obtained can also be a key defense strategy.

How the Sigal Law Group Can Help

If you or your business is under investigation or facing charges for bank fraud, the consequences could be life-changing. The Sigal Law Group has the experience and dedication to defend your rights and guide you through complex federal fraud cases. Contact us today for a confidential consultation and protect your future.