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Bank Fraud - Laws, Sentencing, Penalties
Bank fraud and mortgage fraud scams cost innocent individuals millions of dollar per year. Bank fraud is held in federal court under the governance of federal bank fraud laws. This type of fraud can include forged checks, credit cards issued to people impersonating others, uninsured deposits in unregulated banks and lending companies, or even falsification of a loan application in order to get money for a loan by a person that would otherwise not qualify. The various types of mortgage fraud mortgage fraud occur when an individual knowingly misrepresent information on a mortgage application in order to secure a loan or when a group of individuals, working together loans money on non-existent homes or inflates the price of homes in order to make a profit of the mortgage loan to a co-conspirator. The maximum bank fraud penalty can depend on a number of factors.
Bank And Mortgage Fraud Penalties
Not surprisingly there is increased pressure on may banks and lending companies to more closely monitor and prosecute those that are found guilty of bank and mortgage fraud charges. These penalties typically vary with regards to the amount of the fraud value as well as the number of cases in which the individual is involved.
Possible Penalties
- Jail time
- Probation
- Significant fines and fees
- Restitution
- Community service
Bank And Mortgage Fraud Sentencing
Typically sentencing for these types of crimes is fairly directly related to the value of the fraud as well as the circumstances under which it occurred. Bank fraud, either through loans, credit cards or check fraud is also lumped with internet banking fraud, and can result in much harsher sentences. Mortgage fraud for profit that includes several people working together to defraud the mortgage lends or major banks is also a very serious sentence.
There are some factors that may decrease or mitigate the charges, typically if the individual was coerced or somehow manipulated by another into the activity. An attorney may be able to work with the courts to attempt to get alternative sentencing and repayment of any money to the bank or mortgage lender in lieu of a jail sentence.
Should You Hire An Attorney For Bank And Mortgage Fraud Sentencing
It is essential to get a qualified and experienced attorney involved in bank and mortgage fraud charges as early as possible. In addition the attorney should have experience in negotiating these types of cases to prevent you from having to go to court or to serve any jail time.
- If you have been charged with Bank and Mortgage Fraud, Submit Your Case for a Free Review from a skilled Criminal Defense Attorney.
Bank Fraud: Fines and Jail by State
Penalties Vary Greatly by Case! For accurate penalties, talk to the court clerk or a lawyer!
| State | Avg. Fines | Avg. Jail | Avg. Probation | Other |
| Alabama | $50-10,000. | 6-17months. | 5-36 months. | |
| Alaska | $100 or triple the amount, whichever is greater up to $1000 | Varies by Case | Varies by Case | |
| Arizona | $5,000 -5,00,000 . | 6-17months. | 0-30 years. | |
| Arkansas | 500 | 1 year | 36 months | community service |
| California | $500-5,000. | 46-71 months. | 24-30 years. | |
| Colorado | $5,000-45 million | 5-30 years | upto 4 years | |
| Connecticut | $1500 -5000. | 12 -18 months . | 10-16 months. | |
| Delaware | $1000-$1000000 | 30 years | 5 years | community service |
| District of Columbia | 250000 | 46-57 months | Two Years | |
| Florida | 15000 | 30 years | Varies by Case | |
| Georgia | $500-$5,000 | 1-5 years | 1-5 years | |
| Hawaii | $1000-$1 million | 30 years | 5 years | community service |
| Idaho | $50-1million | 3-10 years | 21-60 months | |
| Illinois | $5000-1000000 | 1-25 years | 24-30 months | |
| Indiana | up to $1,000,000 | 30 years | Varies by Case | |
| Iowa | $1 million | 30 years | Varies by Case | |
| Kansas | $100000-7 million | 3-30 years | upto 5 years | |
| Kentucky | up to $1,000 | up to 1 year | up to 1 year | Judge may order restitution. |
| Louisiana | up to $100,000 | up to ten years | Varies by Case | |
| Maine | $1000 -1 million | 4-5 years | 5 years | community service |
| Maryland | fine not less than $50 and not exceeding $100 or both plus paying what you stole | up to 4 years | Varies by Case | |
| Massachusetts | up to $300 | up to 1 year | up to 6 months | Judge may order restitution. |
| Michigan | $25,000-1,00,000. | 17-24 months. | 5-10 years | |
| Minnesota | $25,000-500,000 | Up to six months | upto 5 years | |
| Mississippi | $1,000-$10,000 | 1 year-60 years | may receive up to 3 years probation | Judge may order restitution. |
| Missouri | 100.000-250.000 $ | 10-15 yrs | 10 yrs | |
| Montana | $500.00-50,000 | six months-10 years | 12 months | community service |
| Nebraska | 2000000 | Up to 30 years (5 years supervised release) | Varies by Case | |
| Nevada | $50-10,000. | 46-57 months | 5-10 years. | |
| New Hampshire | $50-10,000 | 1-20 years | 6-60 months | |
| New Jersey | $10,000-$250,000 | up to 5 years | up to 3 years | Judge may order restitution. |
| New Mexico | $1000-$1 million | 3 years | 12 - 18 months | community service |
| New York | $3000 to $250000 | Varies by Case | 18 months to 20 years | |
| North Carolina | $50 - $500 | up to six months | upto 5 years | |
| North Dakota | 50,000-500,000 | 2-10 years max | 5 years max | Community service is a possibility. |
| Ohio | Fine not to exceed 1,000,000 | Not more than 30-years | Varies by Case | |
| Oklahoma | up to $250,000 | up to 15 years | up to 3 years | Judge may order restitution. |
| Oregon | 25,000 to 50,00 | 5 to 10 years | 10 years probation | |
| Pennsylvania | up to 1000 | up to 2 years | up to 5 years | |
| Rhode Island | $500-$5000 | 1-15 years | Various by cases | |
| South Carolina | $50-10,000 | up to 10 years | 2-5 years | |
| South Dakota | upto $1 million | Up to 30 years | Varies by Case | |
| Tennessee | $500-1000,000 | 1-30 years | upto 36 months | |
| Texas | $10,000-$100,000 | 1 year-15 years | up to 5 years | Judge may order restitution and/or house arrest after parole and/or community service. |
| Utah | up to $1,000 | 1-5 years | 2 months | |
| Vermont | up to $1000 | 37 months | 3 years | community service |
| Virginia | $200 or less fine | 10 days to 12 months | Varies by Case | Community service |
| Washington | $500000-1 million | 4-30 years | 5 years | community service |
| West Virginia | $500000-$1000000 | 10 -40 years | 4 years | community service |
| Wisconsin | up to $10,000 | 0-1 year | Varies by Case |
Legal Answers
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