Bank Fraud

Atlanta, Georgia Bank Fraud Attorney

Bank fraud is defined as planning to obtain property or money from any federally insured financial institution and is codified in 18 USC §1344, which provides:

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; shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.

Examples of bank fraud include check fraud, check kiting, uninsured deposits, falsification of loan applications, and credit card fraud.  Check fraud is when either fake checks are used for depostis (this is usually offset by watermarks and other security features on the checks), or when someone uses a false identity and stolen checks to withdraw cash from a bank account.  Credit card fraud works in the same manner as check fraud.  Check kiting is when in-transit or non-existent cash is recorded as a deposit into a bank account, a fraudulent check or cash withdrawal is drawn on that account, and the bank pays based on the unfunded deposit.  Falsification of loan applications can also implicate mortgage fraud. 

Many bank fraud schemes are carried out through use of the Internet, which implicates wire fraud charges as well.  For example, a fake bank scam is one of the widely spread online bank fraud schemes, where the identity of a well-known public bank is stolen to gain sensitive information from unknowing bank customers.  The information is then used to gain access to money in the bank customer's account.

The attorneys at The Federal Law Group will aggressively defend your rights if you are charged with bank fraud.  Call us today for a free consultation.