Newark Bank Fraud Lawyer

Newark Bank Fraud Attorney

To protect the nation’s economic stability, federal prosecutors invest considerable resources in investigating and prosecuting bank fraud cases throughout the U.S. If you are being investigated, you need a Newark bank fraud lawyer.

What Is Bank Fraud?

Bank fraud is the crime of knowingly executing, or attempting to execute, a scheme to either defraud a financial institution or to obtain property under the control of or owned by a financial institution through the use of false information, lies, or false promises.

Since most if not all banks in New Jersey are federally insured, nearly all bank fraud cases will fall under federal jurisdiction. Federal law 18 U.S. Code § 1344 allows for the prosecution of those involved in these acts.

In 2024, the FTC reported a $12.5 billion loss from fraud, including bank transfers and imposter scams targeting banks. New Jersey ranks among the top states for financial losses from these types of fraud. This could be due to the state’s dense population and financial hubs.

Examples of Bank Fraud

Bank fraud encompasses a wide variety of unlawful activities aimed at defrauding financial institutions. Some of the most frequent forms of bank fraud charges include:

• Unauthorized use of account information, such as using another person’s bank account details or funds without their knowledge or permission.
• Hacking and unauthorized access to a financial institution’s system or an individual’s bank account.
• Creating, forging, or attempting to cash a counterfeit or fraudulent check.
• Identity theft.

What Are the Penalties of Bank Fraud Charges?

The penalties you may be facing for bank fraud charges can be severe and will depend on whether the crime is prosecuted at the state or federal level.

Federal Bank Fraud Penalties

The federal statute for bank fraud outlines the penalties as:

• Up to 30 years in federal prison.
• Up to $1,000,000 in fines.
• Restitution to the financial institution and the victims for the full amount of the loss.

Federal sentences are determined by the presiding judge, after considering the U.S. Sentencing Guidelines, which can increase the penalty based on various factors, such as the total amount of financial loss, the number of victims, and whether the defendant used sophisticated means.

New Jersey State Bank Fraud Penalties

Most serious bank fraud cases are prosecuted at the federal level, but related fraudulent acts can be prosecuted under New Jersey state law. These will likely be categorized as a crime in the 2nd, 3rd, or 4th degree or as a disorderly persons offense, usually depending on the amount of money involved.

On top of jail time and fines, a conviction for bank fraud (whether state or federal) can mean other consequences that reach further into your life. It will result in a permanent felony record that can affect your employment, housing, and professional licensing opportunities. You may have to forfeit assets or property acquired through the fraud and adhere to probation or supervised release rules.

Due to these severe consequences, it is recommended that you secure the support of a skilled defense lawyer. Federal and state laws around bank fraud are complex, and when you hire a bank fraud lawyer, they can work to mitigate the devastating penalties you could be facing.

About Tim Anderson Law

The team at Tim Anderson Law, LLC, includes Managing Partner Tim Anderson and Associate Attorney Dan Petersen. Our firm focuses heavily on federal criminal defense, including white collar crimes, such as bank fraud in the Red Bank, Newark, Camden, and Trenton areas. We put our clients first and effectively resolve cases through creative problem-solving, thorough investigation, and skillful negotiation.

FAQs

What Are the Penalties for a Bank Fraud Conviction in New Jersey?

In New Jersey, convictions for bank fraud are typically prosecuted as a federal felony. A conviction can mean a maximum sentence of up to 30 years in federal prison per count and a fine of up to $1 million, or twice the amount of the gross gain or loss, whichever is greater. Those convicted may also be ordered to pay restitution to the financial institution or other victims.

Is Bank Fraud Always a Federal Crime, or Can It Be a State Crime in New Jersey?

Bank fraud is primarily defined as a federal crime under 18 U.S.C. § 1344, especially when it involves an institution that is federally insured, which includes most banks. Certain fraudulent acts may be prosecuted under state law, though, such as theft by deception, forgery, or fraud. Many people who are charged could possibly face dual prosecution by both New Jersey state and federal authorities, but that is rare.

What Are the Common Defenses Against a Bank Fraud Charge?

Most of the common defenses against a bank fraud charge will center on challenging the prosecution’s ability to prove intent. Some strategies may include asserting that the defendant lacked knowledge of the fraudulent nature of the action, that there was a mistake of identity, that a confession was coerced, or that there is insufficient evidence of intending to commit fraud.

What Is the Role of the Lawyer in a Bank Fraud Case?

In a bank fraud case, a lawyer will investigate the evidence, advise their client on their rights and the potential penalties, negotiate with the prosecution, and represent them in court. A lawyer’s primary goal in this situation is to protect their client’s interests, whether that is seeking an acquittal at trial or a more favorable plea deal.

Does Bank Fraud Have a Statute of Limitations?

Yes, bank fraud has a statute of limitations in New Jersey, but it will depend on whether the prosecution is state or federal. Federal bank fraud has a 10-year statute of limitations. At the state level, New Jersey has a general limit of 5 years, but civil fraud cases have a 6-year limit.

Hire a Bank Fraud Lawyer

Are you facing a bank fraud legal issue? Don’t wait to secure justice for you or a loved one. Time is critical in all cases, and every minute counts towards protecting your financial future. Contact Tim Anderson Law today for experienced legal representation. Our legal team can help you explore your legal options.