Robert W. Davis, Jr.,
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Bank fraud is a federal financial crime

On Behalf of | Jul 13, 2023 | Federal Criminal Defense |

The federal government highly regulates the financial industry, primarily because such transactions typically cross state boundaries and jurisdictions. Financial fraud occurs when someone intentionally and knowingly deceives another individual or entity by hiding and manipulating the truth or truthful information to gain money. Though Mississippi state courts can usually handle financial and fraudulent crimes, bank fraud is one such offense that can reach the federal level.

What is bank fraud and how does it happen?

Bank fraud is intentionally and knowingly defrauding or obtaining money from a financial institution through fraud or under false representation. It can happen anywhere, even within a financial institution. A bank employee can use their position of trust inside the bank to transfer money from corporate and client accounts to their own accounts. An employer or employee can also approve false loan applications. Bank fraud can come in many forms, including:

  • Check fraud
  • Credit card fraud
  • Debit card fraud
  • ATM skimming
  • Money laundering
  • Wire transfer fraud
  • Loan or card application fraud
  • Bank account fraud

Because an individual or entity has the potential to obtain sums of money that can significantly shift the economy through bank fraud, it is a serious federal crime and has proportionately severe penalties. A convicted individual could face fines of up to a million dollars and thirty years in prison. If you are facing bank fraud allegations, you must understand the gravity of these accusations and how they came about.

Are you under investigation for bank fraud?

While such accusations can drastically change your life, you have an opportunity to fight them. As you see above, there are many ways bank fraud can occur. In fact, someone could have skimmed your information from an ATM to commit bank fraud. There are many elements that the prosecution would need to prove before you can face conviction, but they can still prove it if you do not have a strong defense.


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