Bank Fraud / 18 U.S.C. Sec. 1344 is a federal crime that prohibits the use of fraudulent means to obtain money or property owned by a financial institution. This type of fraud can include forging checks, using false statements to obtain a loan or credit, or any other type of deception that results in the wrongful acquisition of funds from a financial institution. Other forms of Bank Fraud include identity theft, bank extortion, money laundering, and wire fraud. All of these activities are punishable under the law and can result in criminal charges, fines, and even prison time.
BANK FRAUD / 18 U.S.C. Sec. 1344
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https://www.ca10.uscourts.gov/sites/default/files/clerk/Jury%20Instructions%20Update%202018.pdf
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§ 371?Conspiracy to Defraud the United States. The general conspiracy statute, 18 U.S.C. § 371, creates an offense "if two or more persons conspire either to commit any offense against the United States, or to defraud the United States, or any agency thereof in any manner or for any purpose.
It is a federal crime for anyone to willfully make a false statement to a federally insured financial institution. Lending institutions rely upon a company's financial statements in extending credit or granting a loan.
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.
Section 1344. 1344. The deposition taken must, by the magistrate, be sealed up and transmitted to the Clerk of the Court in which the action is pending or may come for trial.
18 U.S.C. § 1344 states that anyone who knowingly executes a scheme in order to defraud a financial institution to obtain money or property from a financial institution using fraudulent representations, will face imprisonment and fines.
"There are two elements in mail fraud: (1) having devised or intending to devise a scheme to defraud (or to perform specified fraudulent acts), and (2) use of the mail for the purpose of executing, or attempting to execute, the scheme (or specified fraudulent acts)." Schmuck v.
§ 1344 defines federal bank fraud as: ?knowingly executing or attempting a scheme or artifice to defraud a financial institution, or to obtain financial institution money, funds, credit, assets, securities, or other property by false or fraudulent pretenses, representations, or promises.?
The maximum penalty for major fraud against the government in violation of 18 U.S.C. Section 1031 is 10 years' incarceration and/or a fine of up to $1,000,000.00. The maximum penalty for violations of 18 U.S.C. Section 287, the false claims statute, is 5 years in prison and/or a fine.