What Are the Penalties for Federal Credit Card Fraud? 

 Posted on September 16, 2021 in Federal Crimes

If you are convicted of or plead guilty to a federal charge of card fraud, the penalties can be quite severe. Sentencing for credit card fraud at the federal level can include prison time, fines, restitution orders, and forfeiture of assets. If you find yourself charged with federal credit card fraud, both your freedom and your financial future are at great risk. It is critical that you contact an experienced Credit Card Fraud Attorney as soon as possible to minimize your risks. 

What Legal Penalties Could I Face for Federal Credit Card Fraud? 

• Prison - Credit card fraud at the federal level is punishable by up to ten years in prison. 

• Fines - You could be fined up to $10,000, not including the cost of restitution. 

• Restitution - You can be ordered to reimburse the victim or victims for any financial harm that was done to them as a result of the fraud. This amount of restitution ordered is not limited to the amount of money a victim was defrauded out of. It can include a variety of other financial losses a victim suffered as a direct result of credit card fraud. For example, if the victim lost wages because he or she had to attend court, that amount can be included in a restitution order. As you can imagine, the amount of restitution ordered can easily exceed the dollar amount of the fine depending on the number of victims and the amount of money they lost. Failing to pay restitution, when it is ordered, can result in a litany of other legal consequences, such as being charged with a probation violation. The value of any forfeited assets does not count towards restitution. The court will not consider your ability to pay before it orders restitution. 

• Asset Forfeiture - Any assets you have now that represent funds gained through credit card fraud can be seized under asset forfeiture. This includes not just money or other financial assets, but anything the government believes you purchased using proceeds stemming from the fraud. So, if you spent money that you fraudulently obtained in a credit card scheme to buy a house or a car, that house or car is also subject to forfeiture. 

What Other Consequences Could I Face? 

Beyond just the official legal penalties, you are also likely to suffer irreversible damage to your reputation and future ability to secure employment. You could also lose any professional licenses you may hold. A federal credit card fraud conviction has the potential to permanently impact your financial and social health. This is why it is so important to have a strong attorney representing you in this matter. 

Contact a Cook County Federal Criminal Defense Attorney 

It is urgent that you consult a qualified attorney as soon as possible if you have been charged with credit card fraud or any other federal white-collar crime. At the Law Offices of Hal M. Garfinkel, we are ready to take your call 24 hours a day at 312-629-0669, so there is no reason for you to wait any longer. Contact an experienced Chicago Federal Criminal Defense Attorney for a free consultation today. 

Sources: 

https://www.ussc.gov/sites/default/files/pdf/research-and-publications/quick-facts/Credit_Card_Fraud_FY16.pdf

https://sgp.fas.org/crs/misc/RL34138.pdf

https://www.justice.gov/afp