Federal Fraud Charges Carry Serious Penalties

 Posted on November 03, 2022 in Federal Crimes

Late last month, the United States Department of Justice (DOJ) announced that a 33-count indictment showed that seven Chicago-area residents engaged in fraud related to the Economic Injury Disaster Loan Program (EIDL) and allegedly fraudulently obtained at least $16 million in small business loans and grants under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. Each wire fraud and money laundering charge is punishable by up to 20 years in federal prison.

Just two days before that, a United States District Court Chief Judge imposed a 21-month sentence on a 28-year-old Merrillville man for stealing money from customers’ accounts. He pleaded guilty to white collar federal criminal charges of wire fraud, aggravated identity theft, and money laundering.

Possible Consequences of Federal Fraud Crimes

The federal government pursues a great many kinds of fraud cases, and fraud can involve many different aspects of everyday life. The United States Attorneys' Office will aggressively pursue convictions in these types of cases and all alleged offenders will need to invest in having experienced legal representation capable of providing a solid defense against the charges in court.

In general, possible federal fraud crimes can include all of the following:

• Mortgage Fraud — The DOJ notes that there is no federal statute specifically addressing mortgage fraud as a criminal offense, but these crimes are often prosecuted under wire fraud, mail fraud, or other fraud statutes. Penalties can vary in such cases.
• Mail Fraud — Under 18 U.S. Code § 1341, fraud offenses sent or delivered by the Postal Service are punishable by fines of up to $1,000,000 and/or up to 30 years in prison.
• Wire Fraud — Fraud by wire, radio, or television is punishable by fines of up to $1,000,000 and/or 30 years in prison under 18 U.S. Code § 1343.
• Bank Fraud — Another offense punishable by fines of up to $1,000,000 and/or up to 30 years in prison under 18 U.S. Code § 1344.
• Credit Card Fraud — Fraudulent use of credit cards is punishable by fines of up to $10,000 and/or 10 years in prison under 15 U.S. Code § 1644.
• Tax Fraud — Attempts to evade or defeat taxes are punishable by fines of up to $100,000 and/or five years in addition to costs of prosecution in prison under 26 U.S. Code § 7201.
• Securities Fraud — Under 18 U.S. Code § 1348, securities fraud offenses are punishable by fines and/or up to 25 years in prison.
• Medicaid, Medicare, or Health Care Fraud — Health care fraud offenses are punishable by fines and/or 10 years in prison, although offenses causing serious bodily injury can result in fines and/or 20 years in prison, and cases causing death may be punishable by fines and/or life in prison under 18 U.S. Code § 1347.

Contact a Chicago Federal Fraud Defense Lawyer

Are you facing federal fraud charges in the greater Chicagoland area? You will want to be certain you speak to an experienced Chicago federal fraud defense attorney at Law Offices of Hal M. Garfinkel LLC, Chicago Criminal Defense Attorney to get legal help in formulating an aggressive defense.

Our firm fully understands the serious consequences people are facing in these types of cases and we will maintain a commitment to helping you overcome your criminal charges so you can move on with your life. You can call 312-629-0669 or contact us online to arrange a free consultation.

Sources:

https://www.justice.gov/usao-ndil/pr/seven-chicago-area-residents-charged-16-million-covid-relief-fraud

https://www.nwitimes.com/news/local/crime-and-courts/former-bank-employee-sentenced-for-embezzling-252-000/article_44bae79a-1347-514c-9660-5f25cb765d2f.html

https://www.justice.gov/sites/default/files/usao/legacy/2010/05/27/usab5803.pdf