Federal Wire Fraud
Federal Wire Fraud: White Collar Crimes, Cont’d
So with the name “wire fraud,” the concept can be pretty difficult to grasp… What does it even mean? Why “wire”? Well, the definition of “wire fraud,” in a legal sense, requires four characteristics to be true. These four crucial elements are:
- The defendant voluntarily devised or participated in some scheme to defraud another out of money–intentionally;
- They carried out their action with the intent to defraud;
- It was pretty easy to see that international wire communications were to be used in the fraudulent act;
- Interstate wire communications were used.
So what’s a wire communication? A wire communication is any means of electronic communication–telephone, radio, television, etc.
What’re The Penalties?
Because it is almost always an interstate matter, these are federal white collar crimes and come with very hefty fines and lengthy prison sentences. You could spend up to 20 years in prison (30 if you defraud a financial institution) and fines up to $1 million or both.
What Is A Wire Fraud Charge?
You can be charged with wire fraud if you have been accused of a crime including:
- Fraudulent insurance claims;
- Investment or bond schemes;
- Fraudulent check schemes;
- Accepting bribes or kickbacks; or
- False advertising or sales techniques or transactions (including bait and switch schemes).
What Else Should I Know?
Federal wire fraud can also come with other charges like bank fraud or RICO charges or conspiracy charges. Because of the severity of the consequences if convicted, hiring a federal defense attorney as soon as possible is critical to have a better chance at protecting your future and freedom. Please contact one today!