${site.data.firmName}${SEMFirmNameAlt}
615-896-4154 800-673-1947

Examples of financial institution fraud

There are numerous ways one can commit financial institution fraud in Tennessee. Victims can be retail banks, credit unions, savings and loans associations, investment banks, insurance companies, brokerage firms and mortgage companies.

According to the Federal Deposit Insurance Corporation, bank fraud occurs when someone knowingly carries out a scheme to fraudulently obtain property or assets that belong to a financial institution or defraud them in any way. Convicted offenders can face serious penalties, such as up to 30 years in prison, up to $1 million in fines or both. This fraudulent activity can look like a variety of things. 

The Internal Revenue Service discusses some examples of what bank fraud can look like. These include:

  • Mortgage fraud - a common occurrence, people provide false information, such as inflated income, a different name or residential status, to obtain a mortgage
  • Money laundering - opening bank accounts in which to hold money received from criminal activities
  • Counterfeit money - using counterfeit checks to inflate the balance of accounts for withdrawal
  • Identity theft - using someone else's identity to take out money or receive a loan
  • Rental fraud scheme - using Ponzi scheme to defraud investors of rental units and making fraudulent mortgage transactions
  • Embezzlement - an employee takes money or other assets from a financial institution and manipulates the books to hide the activity

Fraud schemes result in financial loss for the financial institutions as well as investors, and they can ruin one's credit when offenders steal identity and use it falsely. If convicted, the judge can demand that offenders pay the victims back in addition to the associated fines and/or prison time.

 

No Comments

Leave a comment
Comment Information
  • Rated BestLawyers Of America Since 2007
  • Criminal Trial Lawyers Association | CTLA
  • National Association Of Criminal Defense Lawyers | NACDL
  • National Academy Of Family Law attorneys | NAFLA
  • The National Trial Lawyers | Top 100
  • TACDL
  • Tennessee Bar Association | TBA
  • Super Lawyers | 2018
Email Us For A Response

How can we help you

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Murfreesboro Office
302 North Spring Street
Murfreesboro, TN 37130

Toll Free: 800-673-1947
Toll Free: 800-673-1947
Phone: 615-896-4154
Fax: 615-896-4152
Murfreesboro Law Office Map

Murfreesboro Office
Mailing Address
PO Box 398
Murfreesboro, TN 37133

Toll Free: 800-673-1947
Map & Directions

Located close to the county courthouse.