Financial institute/bank fraud is one of the most serious offenses a person can commit. As fraud happens to be a federal offense, the penalties for it climb quickly, while in some cases these may be capped with a criminal prosecution.
It is quite tempting to perform a fraudulent task to obtain cash from a bank for covering your bills, especially when under financial crisis. If you use deception or theft to take property or money intentionally, you will be committing federal bank fraud. The federal investigators will do their best to amass evidence which will help in building a strong case and turn it to the determined federal prosecutor that will seek the utmost penalties. So if you are charged with bank fraud, the first step to take is to hire an experienced and skilled Pittsburgh bank fraud lawyer from Logue Law Group.
What is Federal Bank Fraud?
The law in Pittsburgh makes it illegal to implement, knowingly, or attempting to implement, any scheme for defrauding a bank and/or any financial institution.
Knowingly implementing or attempting to implement a scheme for obtaining securities, assets, credits, money or property that is owned under or by the custody or a financial institution or bank using fraud is considered a federal criminal offense. Under the federal bank fraud laws, a lot of things are covered such as securities fraud, hedge fund fraud, fraudulent loan application fraud, credit card fraud, check fraud, and mortgage fraud.
Most people who are indicted for such frauds include accountants, attorneys, financial advisors, mortgage bankers and others that are likely to be in the position to be able to defraud a bank. A credit union or bank employees too can draw charges that are categorized as federal embezzlement especially for stealing funds which they monitor or manage as a part of the job. Any of these people may benefit from the assistance of a bank fraud attorney in the Pittsburgh area.
Fraud Related to Mortgage
Mortgage fraud is another common fraud that has been doing the rounds since 2007. This category covers schemes that are real estate related and aimed to defraud banks. The federal authorities, in fact, are honing on such schemes that comprise of predatory lending and foreclosure rescue scams.
Charges and Penalties
If you are charged with a bank or any fraud related to a financial institution, you may face 30 years of imprisonment or/and a fine worth $1,000,000 for each charge against you. Prosecutors will charge you with as many things as they can, even citing you for multiple things for each transaction you fraudulently complete. For example, if you steal debit cards from a bank, you will be charged for every card you stole, and for every item you purchased with the cards.