New York Bank Fraud Frequently Asked Questions

Bank fraud is a white collar crime that involves using deception to obtain property from a bank or other financial institution. Examples of bank fraud include check kiting, check forgery, loans obtained fraudulently, and impersonation. A bank or person representing a bank can also commit bank fraud by falsifying accounting reports and providing false financial information to customers, regulators, or shareholders, or by money laundering.

Under New York law, there are several criminal activities that are types of bank fraud. One of the most common types of bank fraud is check fraud such as check kiting, cashing fake payroll checks, and check deposit fraud. Other types of bank fraud include fraudulent loans, embezzlement, forgery and impersonation. However, it is quite common that state bank fraud crimes also involve interstate commerce. This means that you will also face federal crimes.

Under 18 U.S. Code § 1344, federal bank fraud involves a scheme to obtain money from a financial institution such as a bank suing fraud. In order to be charged with bank fraud, the prosecutor must have evidence that there was a plan or scheme to defraud a bank. In other words, there must have been a plan to steal from bank. The theft does not have to involve cash. The plan could involve stealing other types of property such as securities. The prosecutor must also have evidence that you put the plan into action, that you had the intent to defraud, and that the plan involved some type of material misrepresentation. If you are suspected of committing federal bank fraud, it is critical that you contact an experienced New York bank fraud lawyer who is familiar with federal criminal procedure.

Regardless of whether the charge is state or federal, if you are arrested on suspicion of committing bank fraud, it is important that you remember your legal rights. You have the right to remain silent. The police and other law enforcement officers are trained to try to get suspects to make statements that the prosecution will later use against them. Do not risk making a statement that could later be twisted and used against you. Instead, remain silent. You also have the right to counsel. This means that you have a right to an attorney. You should let the police know that you would like an experienced New York bank fraud lawyer. Once your attorney arrives, your attorney will make sure your legal rights are protected.

Both state and federal bank fraud carries stiff penalties. Because of the significant rise in fraudulent banking activities and the financial ruin faced by victims, law enforcement officials are anxious to arrest, prosecute and convict those who commit these types of crimes. Your sentence will depend on a number of factors including the specific crime of which you are convicted, your criminal record, and the value of the property stolen. As a bank fraud attorney in New York will explain, if you are convicted of federal bank fraud, you could be sentenced to up to 30 years in prison and you may be required to pay 7 figure fine as well as restitution.

Both bank fraud and bank robbery involve illegally obtaining property from a bank. However, there are some significant differences. Bank fraud is a non-violent, white collar crime. On the other hand, bank robbery is a violent crime that involves obtaining property from a bank by use of force, violence, or intimidation.

The most common defense to bank fraud is lack of intent as intent is a required element from bank fraud crimes. For example, if you deposit a check that turns out to be fraudulent, but you had no idea that it was fraudulent you would have a defense to a bank fraud charge. Another common defense is materiality. If you mispresented something on a loan application, but the misrepresentation was so minor or irrelevant that it had no bearing on the bank’s decision to approve your loan, you would have a defense to a charge of bank fraud.

If you are under investigation for check kiting, forgery, obtaining a fraudulent loan, or any other type of bank fraud, you should immediately seek legal guidance from a bank fraud attorney who is familiar with both New York criminal law and federal criminal law. The attorneys at the Law Offices of Stephen Bilkis & Associates have years of experience securing favorable results for clients charged with federal and state white collar crimes such as bank fraud. Contact us at 800.696.9529 to schedule a free, no obligation consultation regarding your case. We serve those accused of white collar crimes in the following locations: the Bronx, Brooklyn, Long Island, Manhattan, Nassau County, Queens, Staten Island, Suffolk County and Westchester County.