Top Elmhurst, IL Bank Fraud Lawyers Near You
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71 South Wacker Drive, 45th Floor, Chicago, IL 60606
55 West Monroe Street, Suite 3800, Chicago, IL 60603
17W662 Butterfield Rd, Suite 304, Oakbrook Terrace, IL 60181
100 North Riverside Plaza, Suite 1500, Chicago, IL 60606
120 South Riverside Plaza, Suite 2200, Chicago, IL 60606
150 S. Wacker Drive, Suite 3000, Chicago, IL 60606
58 North Chicago St, 7th Floor, Joliet, IL 60432
70 West Madison Street, Suite 5200, Chicago, IL 60602
333 W Wolf Point Plaza, Chicago, IL 60654
111 East Wacker Drive, Suite 2600, Chicago, IL 60601
1 North Wacker Dr, Suite 4500, Chicago, IL 60606-1901
345 N. Canal St., Suite C-202, Chicago, IL 60606
222 W Adams St, Suite 2250, Chicago, IL 60606
10 North Dearborn Street, 6th Floor, Chicago, IL 60602
55 West Monroe Street, Suite 1200, Chicago, IL 60603
1425 McHenry Rd, Suite 204, Buffalo Grove, IL 60089
155 North Wacker Drive, Suite 3100, Chicago, IL 60606
33 N. Dearborn Street, Suite 1950, Chicago, IL 60602-3249
320 S Canal St, Suite 3300, Chicago, IL 60606
321 North Clark Street, Suite 1000, Chicago, IL 60654
1200 Harger Road, Suite 830, Oak Brook, IL 60523
1655 S Blue Island Ave, Chicago, IL 60608
30 N LaSalle St, Suite 2140, Chicago, IL 60602
227 W Monroe St, Suite 3950, Chicago, IL 60606
190 South LaSalle Street, Suite 3700, Chicago, IL 60603
Elmhurst Bank Fraud Information
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What Is Bank Fraud?
Bank fraud is usually a crime in which the offender knowingly commits, or attempts to commit, a scheme involving theft from either a financial institution or money or property which said financial institution is in the lawful custody of (such as a bank client’s savings account).
What Are Some Different Types of Bank Fraud?
There are several different types of bank fraud. Accounting fraud takes place when a business or sole proprietorship attempts to secure a loan from a bank, credit union or other financial institution. While this may be a perfectly legitimate loan on the surface, accounting fraud takes place when the financial representative of the business knowingly lies or misrepresents their ledger to the bank’s loan officer essentially promoting their business as more solvent, profitable or otherwise qualified to take out a loan which they would not have secured had they been honest about their finances. Accounting fraud can also be a form of loan fraud.
Loan fraud takes place either when an individual or business misrepresents their ledger to gain an advantage in a borrowing negotiation, but it can also occur if a criminal, using tactics related to identity theft, presents themselves as another person in order to garner an illegitimate loan.
ATM fraud can occur if a thief uses a skimmer, or another form of technology or technological expertise, to hack or reprogram the machine itself. Once the software or firmware security measures protecting that particular ATM machine are cracked, the criminals help themselves to the cash deposited. ATM fraud can also take place if an individual places an empty envelope (or envelopes) into the machine, claiming an illegitimate deposit. The envelopes being empty, the offender then removes as much money from the false deposit as allowable.
Is Bank Fraud a Felony or a Misdemeanor?
Bank fraud is considered to be a felony at the federal level, and at the state level, whether an incident of alleged bank fraud is categorized as either a felony charge or a misdemeanor charge depends upon the jurisdiction and circumstances.
Most instances of bank fraud become felony offenses, but misdemeanor charges can result. For example, in some states, the crime of forgery falls under the umbrella of bank fraud and can be constituted as a Class A misdemeanor in certain circumstances. Provided that the forged instrument is not a bond, deed, will, debit or credit card, mortgage, contract, release, stock, currency or government-issued, the crime could be considered a Class A misdemeanor.
What Is the Punishment for Bank Fraud?
The maximum penalty in response to a charge of bank fraud at the federal level is 30 years imprisonment, as well as a fine of up to $1 million.
State statutes vary in how they treat crimes related to bank fraud, and each case can be different. To use forgery, for instance, the penalty for the third-degree felony is a fine of no more than $10,000 in addition to a prison sentence of between two to 10 years. A misdemeanor can result in a maximum sentence of one year in jail as well as potential fines of up to $4,000.
That being said, almost all bank fraud cases are prosecuted at the federal level due to the fact that most financial institutions are protected by the Federal Deposit Insurance Corporation (FDIC).
How to Choose a Bank Fraud Lawyer
Charges related to bank fraud are generally considered to be serious allegations with severe punishments upon conviction. If you are facing such charges, it would be wise to secure the services of a skilled criminal defense lawyer specializing in white-collar crime cases.
An experienced attorney focusing on fraud cases will be familiar with pre-existing precedent, and attorney-client privilege will allow you to divulge all material evidence and opinions to your legal representative in private.
Do your due diligence by investigating all potential attorneys you’re considering as representation, digging deep into their credentials, courtroom track record and any appearances in media. Speak to your local legal association, legal aid department, and other avenues of relevance in order to build the best profile possible before making your decision.
Have You Been Charged With Embezzling or Defrauding a Bank?
Embezzlement relates to the deceitful disclosure of assets for illegal conversion of funds. Frequently, embezzlement involves employee theft from a financial institution. Bank fraud is fraudulent activity through a banking institution for the purpose of profiting by the deceit. An example is a bank manager who issues a false letter of credit so that he or she can induce others to lend money or extend credit.
Bank fraud and embezzlement are federal crimes and can result in harsh prison terms. Talk to an attorney to learn how you can protect your legal rights and prepare your defense to the charges.