William G. Yarborough

Understanding federal penalties for bank fraud

Free Evaluation
100% Secure & Confidential

Bank fraud can take many forms, from simple schemes to highly sophisticated operations involving multiple conspirators and even international networks. Individuals or entities use deceptive practices to unlawfully acquire money, assets, or property from financial institutions.

Common examples of this crime include check fraud, loan fraud, credit card fraud, identity theft, wire fraud, embezzlement, ATM fraud, phishing, or other hacking activities. Let’s delve deeper into the penalties and consequences of bank fraud.

Impact and consequences of bank fraud

Federal agencies, particularly the Federal Bureau of Investigation (FBI), often investigate and prosecute this white-collar crime, sometimes collaborating with state law enforcement. Prosecutors primarily charge bank fraud under federal law, specifically Title 18, U.S. Code, Section 1344. Penalties under this statute can be severe and include:

  • Imprisonment: Individuals convicted of bank fraud can face up to 30 years in federal prison. The length of the sentence can depend on several factors, including the amount of money involved, a prior criminal record and the specifics of the fraudulent scheme.
  • Fines: Convicted individuals can be fined up to $1 million per offense. The authorities impose fines to punish the offender and deter others.
  • Restitution: Courts can order the convicted individual to repay the stolen money or compensate the victims for their losses.

Beyond legal penalties, a conviction of bank fraud has serious additional consequences. A criminal record can make it hard to find a job, get professional licenses, or secure loans and housing.

Financial institutions or other parties may sue to get their money back, increasing the financial burden on the convicted person. Additionally, a conviction can significantly harm the individual’s personal and professional reputation, affecting relationships and future opportunities.

Due to the complexity and severity of the charges, getting legal advice after authorities charge someone with bank fraud is crucial. An experienced attorney can help an individual understand the allegations, explain the legal process, and develop a tailored defense strategy.

Bank fraud is a serious crime with significant consequences, including legal penalties, financial loss, and damage to your reputation. Awareness, prevention, and legal help are key to dealing with bank fraud effectively.

Frequently Asked Questions

How do I know if I need a lawyer?

If you have been charged with a crime, arrested, or under investigation then you need a lawyer.

When you’re charged with a crime, there may be potential penalties that you’re not aware of. But there are ways to defend against the charges, too. Your lawyer can strategize for your case. They can represent you in court and to the prosecutor, putting their expertise to work for you.

Even if the charges don’t seem significant now, they may affect you in the future. Your lawyer defends your freedom and your best interests. If you’re facing a criminal charge or police investigation, contact a criminal defense lawyer.

What steps should I take immediately to protect my rights?

If you’re arrested or charged with a crime, be polite – but don’t consent to any search. Politely say that you refuse to answer any questions. Don’t resist the law enforcement officer.

Exercise your right to remain silent. This includes law enforcement officers before and after the arrest. It also means not talking to others at the police station, your friends, extended family, and social media. The things you say can be used against you.

Ask to contact your lawyer. Then call us right away. We can represent you at your next court hearing. Save everything that you think may be relevant to the case.

How long will my case take?

Every case has a different timeline depending on the severity and facts of the case. Some criminal charges can be resolved in just a few weeks. Others can take several months.

As your lawyer, William G. Yarborough will help you balance the various factors. It can take time to build defenses and/or negotiate a favorable plea agreement. It may be worth it to wait to go to trial. Other times, it’s best to take a plea deal.

What’s right for you depends on multiple factors. Attorney Yarborough can advise you on what he thinks is your best course of action.

Will my case go to trial?

There may be non-trial options available to you. You may secure a plea bargain or a pre-trial case diversion. Sometimes, preliminary motions can result in charges being dismissed.

However, you always have the right to a trial. In a trial, the prosecutor must prove the charges against you beyond a reasonable doubt.

Most cases don’t end up going to trial. But what matters is your case. Attorney Yarborough will work with you on a personalized case plan that reflects your interests and goals.

If your case does go to trial, Attorney William G. Yarborough is prepared to aggressively defend you in court.

WGY Logo White

100% Confidential
Available 24/7

Call 864-808-6871

"*" indicates required fields