Being accused of wire fraud or bank fraud in Texas is a serious matter. These federal crimes involve using deception to take money or assets from a bank or through an electronic transfer. Law enforcement agencies at both the federal and state levels treat these offenses with great seriousness due to the financial damage they can cause. In this article, we’ll break down what wire and bank fraud mean, how these cases are prosecuted in Texas, and the steps you can take to protect yourself.
If you have been accused of wire fraud or bank fraud in Texas, you need to reach out to an experienced federal banking and wire fraud attorney right away. Aaron L. Wiley Law, P.C., is a trusted defense law firm with decades of experience helping clients successfully navigate the legal process and defend their rights.
How is Bank Fraud Defined?
Bank fraud is any kind of fraudulent activity involving a bank or a financial institution. This includes opening accounts under pretenses in order to obtain a loan or some other financial product, using stolen credit card details to make fraudulent transactions, and forging checks.
Federal law 18 U.S.C. § 1344 makes bank fraud a crime. It is against the law to use deception or false information to take money, assets, or property from a bank or any other financial institution. The law applies to all federally regulated or insured institutions, such as credit unions and banks, and to any transaction that involves the federal banking system.
How is Wire Fraud Defined?
Any type of fraudulent scheme that involves television, radio, or wire communications to commit a crime in Texas is considered wire fraud. This includes activities like electronic fund transfers, wire transfers, or the use of text or email messages to obtain or solicit property or money via fraudulent means.
Similar to bank fraud, wire fraud is also a federal crime. This law applies to any form of wire communication, including text messages, emails, and telephone calls, along with any transactions involving the use of the state’s federal wire transfer system.
Types of Wire and Bank Fraud in Texas
Many different types of wire and bank fraud take place in Texas. Common forms of financial fraud in Texas include:
- Phishing Scams: Phishing scams involve sending deceptive emails, text messages, or phone calls that appear to come from legitimate banks or financial institutions. The goal is to trick unsuspecting victims into revealing sensitive details, such as their login credentials or account numbers.
- Identity Theft: In these cases, a person’s personal information, such as their name, Social Security number, or bank account details, is stolen and used to open credit accounts or access financial products in their name.
- Mortgage Fraud: This happens when untrue statements are made, or essential information is omitted, on a mortgage application to secure a loan that the borrower would not otherwise qualify for.
- Investment Scams: Fraudsters solicit investments in fake or deceptive business ventures or financial products, using the funds for personal gain instead of legitimate investment purposes.
- Ponzi Schemes: These schemes use money given to them by new investors to pay returns to earlier investors, creating the illusion of a successful enterprise. When new investments slow down, the scheme collapses, often leaving most investors with substantial losses.
- Lottery Scams: In this scam, victims are contacted and told they have won a large prize in a lottery or sweepstakes, but must first pay a “processing fee” or tax to claim their winnings.
Accused of Wire Fraud or Bank Fraud?
Being accused of bank or wire fraud in Texas, or anywhere else, means you could be facing serious federal charges. If convicted, the penalties may include heavy fines, prison time, and restitution. Even though you are innocent until proven guilty, the smartest and best way to protect both your rights and your future is to contact an experienced federal banking and wire fraud attorney as soon as possible.
The defense law firm of Aaron L. Wiley Law, P.C., can help you build a strong case and protect your rights during the legal process. If you have been accused of wire fraud or bank fraud, call (254) 566-3860 or fill out our online contact form to schedule a consultation with one of our federal banking and wire fraud attorneys today.