What Constitutes Bank Fraud?

Bank fraud is a term that gets thrown around on a fairly regular basis, but the truth of the matter is that it’s a blanket term for a number of other crimes. That’s why in today’s post, we thought we’d take a look at a few of the things that constitute bank fraud.

And, of course, we would be remiss if we didn’t mention that if you are being investigated for one of the crimes below, the team of experts at the Law Offices of Robert J. DeGroot would be glad to take on your case, tenaciously fighting for your rights in your time of need.

Bank Fraud 101

Check Forgery

Check forgery can encompass a number of more specific crimes such as stealing another person’s checks, printing fake checks, altering checks, and more. At the end of the day, if it has to do with a check, it is considered a form of check forgery which itself is a form of bank fraud.

Fake Loans

There are a number of different fake loans out there, but Wikipedia sums them up quite nicely by stating that fraudulent loans are ones “in which the borrower is a business entity controlled by a dishonest bank officer or an accomplice; the “borrower” then declares bankruptcy or vanishes and the money is gone.”

Wire Fraud

In many instances, the general public only has a vague idea of how a wire transfer actually works. They see them done to offshore accounts in blockbuster movies and they may have had money wired into an escrow account when closing on a home, but uninsured institutions are often a recipe for wire fraud. The aforementioned offshore accounts are seen as good places to stow money people don’t want authorities to see, but it can be a gamble to to deal with offshore banks and they are considered at high risk for fraud.

Money Laundering

That’s right; under certain circumstances, money laundering can also be considered bank fraud. Like many of the other instances mentioned above, people often have a hard time grasping what, exactly, money laundering is. Investopedia sums it up well by saying that it “is the process of creating the appearance that large amounts of money obtained from criminal activity…originated from a legitimate source and that “the money from the illicit activity is considered dirty, and the process ‘launders’ the money to make it look clean.”

Have You Been Accused of Bank Fraud?

If so, finding a criminal defense attorney is in your best interest. At the Law Offices of Robert DeGroot, we have defended countless clients against charges that were leveled at them and we would be glad to join your cause to prove your innocence.

Regardless of the situation at hand, our team of experts will approach your case with care and attention to detail with a goal of securing the outcome you’re looking for. It’s as simple as that. Contact us today for a free and confidential consultation. We look forward to fighting for you.