What Is Bank Fraud?

 Posted on July 25, 2017 in White Collar Crime

Bank fraud is a very serious crime that affects thousands of people, with the intention to allegedly benefit the culprit and take away from the victim, financially and emotionally. Bank fraud is very important to understand thoroughly so that one can avoid being the victim of this crime and to protect his or her banking information and quality of life.

Bank Fraud Defined

Bank fraud can come in three different forms:

• False statement bank fraud;
• Possession of stolen or fraudulently obtained checks; and
• Possession of implements of check fraud.

False statement bank fraud is defined when an individual intentionally makes any false statements to obtain an account or credit with a bank or other financial institution, or services from a currency exchange.

Possession of stolen or fraudulently obtained checks is defined when an individual intends to gain access to funds from another individual’s bank account, makes a false statement or a misrepresentation to the financial institution, or presents an unauthorized transaction to the financial institution.

Possession of implements of check fraud is defined when an individual intentionally defrauds by holding, without financial authority, any check or signature imprinter or "certified" stamp.

If one is found committing bank fraud, each count is punishable by up to 30 years in prison and a $1 million fine.

Real Life Example

In the fall of 2016, eleven Chicagoland residents were charged with bank fraud, involving fraudulently obtaining credit cards and maxing them out in order to gain money. They had been accused of providing false employment and income information to apply for credit cards, and they quickly maxed out those cards by purchasing goods and services.

Several accused filed for bankruptcy to discharge their credit card debts, while several others established false corporations and linked their mobile payment accounts, making up purchases through the “corporations,” and getting reimbursed by the creditors after the credit card charges were created.

Contact Your Cook County Criminal Defense Lawyer Today

Understanding bank fraud and its consequences are key to avoiding serious financial situations in the future.  If you have any been accused of bank fraud, contact a skilled Chicago federal crimes attorney. Attorney Garfinkel will defend you against these charges using all available resource to obtain the best possible outcome. To schedule your free initial consultation, please call the Law Offices of Hal M. Garfinkel LLC, Chicago Criminal Defense Attorney at (312) 629-0069 to get the help you deserve. Attorney Hal Garfinkel has nearly 20 years of experience with handling high-profile Illinois federal crimes cases.

Sources:

http://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=072000050K17-1

http://chicago.cbslocal.com/2016/10/14/11-charged-with-bank-fraud-for-credit-card-scheme/