NYC bank fraud criminal attorneys Russ Kofman and Arthur Lebedin ( release a new article explaining the different types of bank fraud charges in New York. The lawyers mention that bank fraud occurs when an individual or entity engages in a scheme to defraud a financial institution. This type of fraud may also occur when the person obtains money from a financial institution by means of false pretense, representations, or promises. 

“A material misrepresentation may take many forms. To be fraudulent, any misrepresentation must be related to the scheme. It must either help the defendant perpetrate the crime or convince a purported victim to believe the defendant. Federal bank fraud requires that a scheme to defraud must have existed at the time the alleged crime occurred,” the article from the NYC bank fraud criminal attorneys says.

Attorney Russ Kofman explains that a scheme refers to a course of action taken to deprive another person, business, or organization of property or money. The crime of bank fraud is one where the other person, business, or organization is a financial institution. 

Defense attorney Arthur Lebedin enumerates the types of bank fraud charges in the article as well. The lawyer says that the different types of bank fraud include bank impersonation, forgery, fraudulent loans, and internet fraud. Bank impersonation occurs when one or more person acts as a financial institution by setting up fake companies or creating websites to lure people to deposit money. 

In the article, the lawyers also explain the other types of bank fraud. Forgery, according to lawyers, occurs when a person alters a check, resulting in more money being deposited into their account. It is also considered bank fraud if a person takes out a loan, knowing they will immediately default on the loan or file for bankruptcy. 

According to the article, “Bank fraud convictions are punishable under federal law. The statute allows bank fraud convictions to be sentenced to up to 30 years in prison and/or a maximum of $1 million fine. The severity of punishment will vary depending on the facts of each case. Federal sentencing guidelines specify the amount of punishment to be applied based upon the value of the property or money involved, as well as other factors.”

Furthermore, Financial crimes can also include violations of federal statutes such as the Racketeer Induced and Corrupt Organizations Act (RICO) or the Patriot Act. Violations of these statutes could increase a defendant’s risk of receiving a harsh sentence.

The lawyer also adds that there is a 10-year statute of limitations for a bank fraud charge which can also be used as a defense. What this means is that the bank fraud must be brought against the defendant within ten years of being committed. Many criminal offenses involving fraud are often discovered years after they were committed. However, the federal statute specifically states the statute of limitations runs from the date the fraud is committed.

Lastly, attorney Kofman emphasizes the importance of having a skilled lawyer when a person is facing charges of bank fraud. An experienced lawyer may be able to help the defendant understand their rights and protect their freedom. 

About Lebedin Kofman LLP

Russ Kofman and Arthur Lebedin are seasoned, aggressive litigators handling cases in both the state and federal courts. Together, they manage the Lebedin Kofman Law firm. They also handle civil rights cases. Attorney Kofman and attorney Lebedin believe in their clients and work hard to fight for their rights and help them receive the best possible outcome for each of their cases. Call today to speak with an experienced attorney: (646) 663-4430.


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