I Was Charged with Bank Fraud – Will I Go to Prison?

I Was Charged with Bank Fraud – Will I Go to Prison?

Getting charged with bank fraud can be scary. You may be wondering if you’ll go to prison or what other penalties you might face. This article covers the basics of bank fraud charges, typical sentences, and defense strategies that could help reduce penalties.

What is Bank Fraud?

Bank fraud involves schemes to illegally obtain money from a bank or financial institution. Common examples include:

• Writing bad checks
• Using false information or ID to open a bank account or get a loan
• Stealing money by hacking into bank accounts

Bank fraud charges can range from misdemeanors to felonies depending on the amount of money and sophistication of the fraud. Cases involving over $1 million may face up to 30 years in prison under federal bank fraud laws .

What Are the Penalties for Bank Fraud?

Penalties for bank fraud vary widely based on specific offenses and amounts involved, but commonly include:

• Prison time – ranging from a few months to decades for major frauds
• Fines – from thousands to millions of dollars
• Restitution payments to banks
• Forfeiture of property obtained illegally
• Probation or supervised release

While first-time offenders may receive probation for minor frauds, prison time is common in federal bank fraud cases. The average bank fraud sentence in 2019 was over 3 years in prison .

What Determines the Sentence?

Key factors judges consider in bank fraud sentencing include:

• Dollar amount – Higher losses mean longer sentences
• Criminal history – Repeat offenders get harsher sentences
• Role in the offense – Leaders face longer sentences than followers
• Victim impact – Harm caused to individual victims
• Acceptance of responsibility – Admitting guilt may earn sentencing leniency

Federal sentencing guidelines provide a formula to calculate recommended sentences based on the fraud amount and other factors. However judges have flexibility to impose higher or lower sentences .

Christine Twomey

2024-03-21

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Brendan huisman

2024-03-18

Alex Zhik contacted me almost immediately when I reached out to Spodek for a consultation and was able to effectively communicate the path forward/consequences of my legal issue. I immediately agreed to hire Alex for his services and did not regret my choice. He was able to cover my case in court (with 1 day notice) and not only was he able to push my case down, he carefully negotiated a dismissal of the charge altogether. I highly recommend Spodek, and more specifically, Alex Zhik for all of your legal issues. Thanks guys!

Guerline Menard

2024-03-18

Thanks again Spodek law firm, particularly Esq Claire Banks who stood right there with us up to the finish line. Attached photos taken right outside of the court building and the smile on our faces represented victory, a breath of fresh air and satisfaction. We are very happy that this is over and we can move on with our lives. Thanks Spodek law 🙏🏼🙏🏼🙏🏼🙏🏼🙌🏼❤️

Keisha Parris

2024-03-15

Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.

Taïko Beauty

2024-03-15

I don’t know where to start, I can write a novel about this firm, but one thing I will say is that having my best interest was their main priority since the beginning of my case which was back in Winter 2019. Miss Claire Banks, one of the best Attorneys in the firm represented me very well and was very professional, respectful, and truthful. Not once did she leave me in the dark, in fact she presented all options and routes that could possibly be considered for my case and she reinsured me that no matter what I decided to do, her and the team will have my back and that’s exactly what happened. Not only will I be liberated from this case, also, I will enjoy my freedom and continue to be a mother to my first born son and will have no restrictions with accomplishing my goals in life. Now that’s what I call victory!! I thank the Lord, My mother, Claire, and the Spodek team for standing by me and fighting with me. Words can’t describe how grateful I am to have the opportunity to work with this team. I’m very satisfied, very pleased with their performance, their hard work, and their diligence. Thank you team!

Anthony Williams

2024-03-12

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2024-03-12

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2024-02-28

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divesh patel

2024-02-24

I can't recommend Alex Zhik and Spodek Law Firm highly enough for their exceptional legal representation and personal mentorship. From the moment I engaged their services in October 2022, Alex took the time to understand my case thoroughly and provided guidance every step of the way. Alex's dedication to my case went above and beyond my expectations. His expertise, attention to detail, and commitment to achieving the best possible outcome were evident throughout the entire process. He took the time to mentor me, ensuring I understood the legal complexities involved to make informed decisions. Alex is the kind of guy you would want to have a beer with and has made a meaningful impact on me. I also want to acknowledge Todd Spodek, the leader of the firm, who played a crucial role in my case. His leadership and support bolstered the efforts of Alex, and his involvement highlighted the firm's commitment to excellence. Thanks to Alex Zhik and Todd Spodek, I achieved the outcome I desired, and I am incredibly grateful for their professionalism, expertise, and genuine care. If you're in need of legal representation, look no further than this outstanding team.

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What Are the Chances I’ll Avoid Prison?

Unfortunately for felony bank fraud charges, some amount of prison time is likely. However, first-time offenders convicted of smaller frauds may still have a chance at probation instead of imprisonment. Your defense attorney can request a downward departure from guidelines to argue for a more lenient sentence.

Alternatives to incarceration that may be available in some bank fraud cases include:

• House arrest – With electronic monitoring
• Community confinement – Reside in halfway house instead of prison
• Home detention – Restricted to home when not working

These options still involve restricted liberties with close supervision, but allow convicts to avoid serving time behind bars.

How Can an Attorney Help Reduce the Sentence?

Hiring an experienced white collar criminal defense lawyer is essential to have any chance of avoiding prison for bank fraud. Strategies attorneys use to help clients include:

• Negotiating plea bargains to have charges dropped or reduced
• Crafting sentencing memos arguing for downward departures from guidelines
• Presenting mitigating circumstances to influence the judge’s sentencing discretion
• Seeking charge dismissals by challenging the sufficiency of evidence

In some cases, it may even be possible to avoid a criminal conviction through pretrial intervention programs or deferred adjudication agreements resulting in dropped charges after a probationary period.

While charges like bank fraud carry potentially severe penalties, experienced defense representation maximizes the possibilities of reduced sentencing or alternative resolutions without imprisonment through effective negotiation and advocacy.

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Citations

https://www.law.cornell.edu/uscode/text/18/1344
https://www.ussc.gov/sites/default/files/pdf/research-and-publications/quick-facts/Bank_Fraud_FY19.pdf
https://www.ussc.gov/guidelines/2018-guidelines-manual/annotated-2018-chapter-2-part-b