Bank fraud is a serious federal offense that can lead to severe penalties, including lengthy prison sentences and substantial fines. As banks play a crucial role in the U.S. financial system, any attempt to defraud them is aggressively prosecuted. If you or a loved one is facing bank fraud charges in Los Angeles, Glendale, or nearby cities, it’s crucial to have a knowledgeable and experienced federal defense attorney by your side.
At KN Law Firm, we understand the complexities of federal bank fraud cases. Our attorneys have extensive experience defending clients against complex fraud charges, and we are committed to achieving the best possible outcome for you.
What is Bank Fraud?
Bank fraud involves knowingly engaging in deceptive activities to defraud a financial institution or obtain money, funds, or property owned by a bank. According to 18 U.S.C. § 1344, a person commits bank fraud if they:
- Intentionally execute or attempt to execute a scheme to defraud a financial institution.
- Use false statements, representations, or promises to obtain money, assets, or credit from a financial institution.
Unlike other fraud charges, bank fraud is always prosecuted at the federal level, making the stakes significantly higher. Federal prosecutors are determined to protect the integrity of the financial system, resulting in aggressive investigations and severe penalties.
Common Examples of Bank Fraud
Bank fraud can take many forms, and individuals may unknowingly become entangled in fraudulent schemes. Here are some of the most common examples:
- Check Fraud: Writing bad checks, altering checks, or forging signatures to unlawfully withdraw funds from another person’s account. Some schemes also involve depositing fraudulent checks to access quick funds.
- Loan Fraud: Providing false information to secure a loan or misrepresenting one’s financial status to obtain credit. This can include falsifying income, employment history, or assets.
- Credit Card Fraud: Using stolen or unauthorized credit card information to make purchases or withdraw money. In some cases, criminals create counterfeit credit cards for illicit transactions.
- Identity Theft: Stealing someone else’s personal information to access their bank accounts, open credit cards, or take out loans. Identity theft can have devastating financial and legal consequences for victims.
- Mortgage Fraud: Submitting false documentation or misrepresenting property values to secure favorable mortgage terms or commit foreclosure rescue scams.
- ATM Fraud: Using skimming devices or stolen cards to illegally withdraw money from ATMs. Advanced skimming techniques can capture both card information and PIN codes.
Being accused of any of these crimes can lead to severe legal consequences, even if there was no malicious intent.
Penalties for Bank Fraud
Federal bank fraud convictions carry severe penalties, reflecting the government’s commitment to maintaining the security and stability of financial institutions. If convicted, individuals may face:
- Imprisonment: Up to 30 years in federal prison. The length of the sentence often depends on the scope and severity of the fraud, as well as prior criminal history.
- Fines: Up to $1,000,000 in fines, which can be compounded if multiple charges are involved.
- Restitution: Defendants may be required to pay restitution to the affected financial institution, covering any financial losses suffered. This can amount to hundreds of thousands or even millions of dollars.
- Probation: In certain cases, defendants may receive probation with strict conditions, including regular check-ins, financial monitoring, and community service.
- Asset Forfeiture: The government may seize assets obtained through fraudulent means, such as real estate, vehicles, or bank accounts.
A conviction can also have long-term consequences, such as difficulty securing future loans, damage to your professional reputation, and limited employment opportunities.
Defenses Against Bank Fraud Charges
If you are facing bank fraud charges, it’s essential to have a strong defense strategy tailored to your specific case. At KN Law Firm, we explore various defense options to protect your rights and fight for your best interests:
- Lack of Intent: Bank fraud requires the intent to defraud a financial institution. If we can demonstrate that there was no intentional deceit, it may lead to reduced charges or a dismissal.
- Mistaken Identity: Complex financial transactions can lead to wrongful accusations. We investigate whether someone else committed the fraudulent act in your name.
- Insufficient Evidence: Federal prosecutors must provide substantial evidence to secure a conviction. We scrutinize the evidence to identify weaknesses, procedural errors, or violations of your rights.
- Good Faith: If the accused genuinely believed their actions were lawful or lacked awareness of the fraudulent nature of the transaction, this could serve as a defense.
- Entrapment: If law enforcement coerced or improperly influenced you to commit bank fraud, this defense may apply.
Our attorneys work closely with financial experts and forensic accountants to analyze transactions, trace funds, and build a solid defense strategy tailored to your unique circumstances.
Contact KN Law Firm for a Free Consultation
Facing bank fraud charges can be overwhelming, but you don’t have to navigate this challenge alone. At KN Law Firm, we are dedicated to protecting your rights, defending your freedom, and helping you achieve the best possible outcome.
Call (888) 950-0011 today for a free, confidential consultation. We proudly serve Los Angeles, Glendale, and the surrounding communities.
