Making ends meet financially in today’s world can often be a challenge. We are presented with a plethora of ways and ideas to save and invest our money and it is always difficult to decide what options are the best for us. Sometimes, people may make unwise and illegal choices, which may result in charges of bank fraud. Here’s what to do if you are charged with bank fraud in Broward County.

What Does Bank Fraud Look Like?

Bank fraud charges are covered under Title 18 of the U.S. Code, Section 1344. If an individual uses illegal methods to obtain money or other assets from a financial institution,  or obtained money from others by posing as a financial institution, they may be subject to a charge of bank fraud.

Bank fraud charges apply to those individuals who deliberately execute or attempt to defraud a financial institution or acquire assets, credit, money, property, or securities using false information. Some of the most common causes of bank fraud charges in Florida include:

  • Accounting fraud
  • Altered or forged checks
  • Stealing checks, either from post offices, mailbox stores, payroll companies or tax authorities
  • Fraudulent or forged  loan applications
  • Taking out loans fraudulently immediately preceding a bankruptcy filing.
  • Impersonating a bank or other financial institution.

Bank Fraud Penalties

Bank fraud penalties often depend on a number of factors, including the amount of money obtained, if the fraud was committed against a protected class of person, and whether the fraud is considered a state or federal charge.  Since bank deposits are protected through the Federal Deposit Insurance Corporation (FDIC), the charge of bank fraud is often a federal crime.

FDIC laws state that any individual who “knowingly executes, or attempts to execute, a scheme to 1) defraud a financial institution, and 2) obtain any money, fund, credit, asset, security or other property owned by a financial institution by means of false or fraudulent pretense or representation could face a fine of up to $1 million and/or imprisonment of up to 30 years.”

Defending Against Bank Fraud Charges

Bank fraud charges can either be filed in federal or state courts, and the proceedings can be both and complex. As indicated in the beginning, the area of bank fraud encompasses a lot of issues. Given there are two sides to every story, the key to being successful in the legal arena that is bank fraud is having legal counsel that is expert in defending against bank fraud charges. If you have been accused of bank fraud or a related scheme and need assistance to sort through this complex area, you should also seek out expert legal advice as soon as possible.

Consult a Bank Fraud Attorney at Piotrowski Law

If you have been accused of a bank fraud crime, get the legal representation you need without delay. One of the experienced bank fraud attorneys at Piotrowski Law can assist you. Piotrowski Law knows the ins and outs of these complex laws. One of our lawyers will help you sort through the plethora of factors that need to be reviewed. Call today for a free consultation at 954-947-5000.