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Financial Institutions Fraud

NCJ Number
178087
Journal
American Criminal Law Review Volume: 36 Issue: 3 Dated: Summer 1999 Pages: 715-751
Author(s)
Ines De Crombrugghe; Thomas Hutton; Richard Menard
Date Published
1999
Length
37 pages
Annotation
This article reviews the development and application of three Federal criminal laws that govern offenses by or against financial institutions, with emphasis on the elements of the offenses, defenses, penalties, record-keeping and reporting requirements, and other enforcement mechanisms.
Abstract
The Bank Fraud Statute targets fraud against financial institutions, including check kiting, check forging, false statements and nondisclosures on loan applications, stolen checks, credit card fraud, and other offenses. The offenses have five elements, including an intent to defraud and an attempt or accomplishment of a scheme to defraud. Defenses are that the financial institution did not have custody or control of the assets in question, that the defendant was acting in good faith, and that the indictment was multiplicitous. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 regulates the conduct of officers, directors, and third-party fiduciaries who fraudulently managed now-defunct financial institutions. The Bank Secrecy Act prohibits deceptive financial transactions that are designed to evade certain reporting requirements. Footnotes

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