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New York Bank Fraud Frequently Asked Questions

What is bank fraud?

The definition of bank fraud is a white collar crime involving the fraudulent obtainment of bank property. Bank fraud might implicate criminal statutes on both the state and federal level.

What crimes in the state count as bank fraud?

New York law states that multiple different criminal activities count as bank fraud. A very common variety is check fraud, which can be committed through fraudulently depositng checks, cashing a fake payroll check, and check kiting. There are other kinds of bank fraud as well including embezzlement, fraudulent loans, impersonation, and forgery. State bank fraud crimes also commonly involve commerce that has moved between multiple states, which means that you will be charged with federal crimes as well.

What is bank fraud at the federal level?

For the fraud to be considered a federal bank fraud, there must have been a scheme to gain money through a financial institution like a bank with the use of fraudulent means. The prosecutor must be able to prove that there were schemes or plans for the defrauding of a bank. There must have been intent to steal from a bank.

With that said, the theft doesn’t necessarily need to be cash-related. Other types of property like securities might be stolen. The prosecution is also required to prove that the plan was put into action, that your intention was defrauding the institution, and material misrepresentation was a part of the plan.

It’s important to contact a New York lawyer as soon as possible if you’re a suspect in a bank fraud case. Spodek Law Group is a group of NYC lawyers with experience practicing at both the state and federal level.

What should be done if you’re arrested?

It doesn’t matter whether the charges against you are federal or state. You must remember the legal rights you’re entitled to after your arrest. You should remain silent. Prosecution and law enforcement officials have training to entrap suspects into making statements that can be used against them later by the prosecution. You should also exercise your right to counsel. Inform the police that you want your attorney before you say anything.

Can you go to prison for bank fraud?

There are steep penalties for bank fraud, regardless of whether you’re tried at the federal or state level. In recent times, fraudulent banking schemes have been on the rise. These schemes can drive victims to financial ruin. The proliferation of bank fraud cases has made law enforcement officials eager to arrest and prosecute people who have committed any of these kinds of crimes.

Sentencing depends on multiple factors:

  • The specific crime with which you have been charged
  • Whether you have been convicted of multiple crimes
  • Your previous criminal record or lack thereof
  • The property value of the money or items that were stolen

When you are convicted of a bank fraud offense in the state of New York, you run the risk of being sentenced to up to thirty years imprisoned. You might also be given a seven figure fine and be ordered to pay restitution to the victims.

by Leonard on Spodek Law Group
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