Before a person can be convicted of the federal crime of bank fraud, the prosecution must prove the following four things beyond a reasonable doubt:
- The accused individual executed or attempted to execute a scheme to defraud a financial institution or to obtain money, assets, or property from a financial institution by means of false or fraudulent pretenses, representations, or promises relating to a material fact;
- The accused did so willfully with an intent to defraud;
- The false or fraudulent pretenses, representations, or promises were material; and
- The financial institution was federally insured or chartered.
More Articles Related to Fraud