Criminal fraud is the criminal act of deceiving a person through false representation of a fact. The deceived individual relies on the fact to their detriment. The fraud does not always involve an individual as the victim. It can involve deceiving a financial institution. This type of criminal fraud is called bank fraud.
What Is Bank Fraud?
Bank fraud, which is which is a form of financial fraud and typically a white-collar crime, involves knowingly committing or attempting to commit a scheme to defraud a financial institution. The scheme may include obtaining property under the financial institution’s control or money.
How Is Bank Fraud Committed?
Bank fraud can occur in several different ways, such as:
- Fraudulent means
- False pretenses
- False promises
- Fraudulent representations
- False statements
What Is Considered a False Statement?
False statements are untrue statements made with the intent to deceive a financial institution. The untrue statements put the person making them in a more favorable light. Making such statements can be advantageous when a person is attempting to get a loan from a bank and they would never qualify for the loan if they were honest about their ability and intent to pay back the loan.
How Can I Be Proven Guilty of Making a False Statement?
Each state has different elements to prove making false statements in bank fraud. In general, the elements that a prosecutor must prove in order to find a person guilty are:
- The making of false statements or reports
- The intent to use the false statement to influence a financial institution
- The appearance of the false statement in any application, commitment, loan, or financial document
Are There Different Types of Bank Fraud?
Yes. Bank fraud is a general term, and it encompasses:
- Bankruptcy fraud
- Check fraud
- Mortgage fraud
- Loan fraud
- Credit card fraud
- Wire fraud
- Counterfeit documents fraud
- Securities fraud
- Money laundering or embezzlement
- False loan application
- Forged currency fraud
Do I Need a Bank Fraud Lawyer?
Yes, you need a criminal lawyer if you have been accused of, charged with, or investigated for bank fraud. A bank fraud charge is complex, and the elements vary from jurisdiction to jurisdiction. To learn more about your legal rights and defense options, contact a lawyer.