What Constitutes Bank Fraud?
Bank fraud is a serious white-collar crime that carries serious criminal penalties. These are nonviolent, financially motivated offenses that are committed through deceit – often by financial professionals. If you’ve been charged with bank fraud, you need the skilled legal counsel of an experienced Columbia bank fraud defense attorney backing you up.
Bank Fraud Charges
The charge of bank fraud applies to intentional acts of deception or fraudulence in pursuit of money, assets, or anything else of value from a financial institution, such as a bank or credit union. Bank fraud is often charged as a federal offense, and when it is, the fines and penalties are that much harsher.
Common Forms of Bank Fraud
While every bank fraud charge is specific to the exact circumstances involved, many fall into basic categories like the following:
- Credit card fraud, which is considered one of the most common forms of bank fraud and relates to any illegal use of a payment card, such as using someone else’s card to make purchases without their permission
- Check fraud, which relates to issuing fake checks in order to obtain funds unlawfully
- Loan fraud, which relates to obtaining a loan or mortgage under false pretenses
- Payment fraud, which relates to engaging in false or illegal transactions across a financial account’s lifecycle for financial gain
- Accounting fraud, which relates to manipulating financial information or records in order to deceive the lender and unfairly advantage oneself
- Money laundering, which involves putting illegally obtained funds through legitimate business transactions or foreign banks in order to clean them up and proceed with legal transactions
- Wire transfer fraud, which generally involves scamming someone into sending money electronically or redirecting wire transfers into different accounts through hacking
Fines and Penalties
The level of crime associated with the bank fraud charge relates to factors like the amount of money, goods, or services involved as well as the type of fraud that’s used and the accused person’s intent. For example, in the case of financial transaction card fraud for a total amount that exceeds $500 over a 6-month period, the charge is a Class F felony that carries from 3 to 5 years in prison and fines of from $3,000 to $5,000.
More serious forms of bank fraud, however, are charged as Class E felonies. These charges come with fines of up to $10,000 and prison sentences of up to 10 years.
It’s important to note that federal bank fraud charges, which are not uncommon, can – under very serious circumstances – carry fines of up to $1 million and sentences of up to 30 years in federal prison.
Turn to an Experienced Columbia Bank Fraud Defense Lawyer for the Help You’re Looking For
Jonathan Harvey at the Law Office of Jonathan M. Harvey is a formidable Columbia bank fraud defense attorney who has earned an impressive reputation for fiercely defending his clients’ rights, and he’s here for you, too. For more information, please contact us online or call 803-779-3363 today.