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What to know about the crime of bank fraud

On Behalf of | Dec 11, 2018 | Federal Offenses |

Individuals in South Carolina may commit bank fraud in two different ways. First, this act can be committed by obtaining money or other assets from a financial institution. Alternatively, a person could pose as a financial institution to get money from another person in a fraudulent manner. Bank fraud is different than a bank robbery because an individual is more secretive about the crime.

To commit this offense, a person would have to knowingly and intentionally seek to obtain money or other property using false pretenses. Examples of bank fraud include stealing checks obtained through the mail or other sources. The checks could then be used to create bank or other accounts in another person’s name. In some cases, an individual will change the name on a check or change the amount the check is worth before cashing it.

Those who file for bankruptcy after obtaining loan proceeds could be committing bank fraud. This depends on whether or not that person knew they would be filing soon after receiving loan approval. There are many different punishments that a person could face if convicted of such a crime. For instance, it may be possible to face jail time or a fine. Individuals convicted of bank fraud could also be required to pay restitution to their victims.

Individuals who have been charged with bank fraud or internet bank fraud may face serious consequences if convicted. A charge or conviction may also take a toll on a person’s reputation both privately and professionally. However, a criminal defense attorney could help a client get a plea deal or other favorable outcome in a case. In some cases, it could be possible to get a charge dismissed before a trial begins by casting doubt on evidence.