What Is The Code That Starts With 18 U.S.C Five Kinds of Bank Fraud – Title 18 – U.S. Code – Section 1344 Explained

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Five Kinds of Bank Fraud – Title 18 – U.S. Code – Section 1344 Explained

Violations committed at banks or using accounts at a financial institution are usually referred to in federal court as “bank fraud.”

The United States Attorney’s Office will seek an indictment (an indictment that formally charges a person with a crime) for bank fraud based on a relatively uncomplicated theft or embezzlement by a bank employee, or based on a more complex fraud scheme. false statements such as overvaluation of real estate or securities. In addition, federal prosecutors will seek charges of bank fraud based on a complex fraud scheme, such as false loan applications and misappropriation of borrowed funds or non-existent collateral.

The United States Code contains federal crimes that are prosecuted by the Department of Justice or its field offices, the United States Attorneys’ Offices, in the respective districts of the various states. Title 18 of the United States Code, Section 1344, Bank Fraud, makes it a crime to defraud banks or commit a scheme to defraud the accounts of a financial institution. Title 18, US Code, Section 1344 reads as follows:

BANK FRAUD

Anyone who knowingly carries out or attempts to carry out a scheme or artifice,

1) defrauding a financial institution; obsession

2) to obtain money, funds, loans, instruments, securities or other assets owned by the financial institution or under its custody or control by means of false or fraudulent pretenses, statements or promises;

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

FALSE claims

Violation of making a false statement to a financial institution is also a frequently used criminal procedure, with which charges are brought for making a false statement to the bank. The crime of making a false statement is often used when federal prosecutors are investigating a person for bank fraud or wrongdoing involving a financial institution.

Under Title 18, United States Code, Section 1014, it is a federal crime to make a false statement to a financial institution. 18 USC § 1014 reads (in summary):

False statements to a financial institution –

Who consciously

1) Makes a false claim or overestimates any attribute

2) Definitely for the purpose of influencing

3) Action by a financial institution

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

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