Many people are attracted to money and will go out of their way to obtain it — even illegally. Some people concoct elaborate schemes in order to commit fraud on an individual or business. Bank fraud schemes and other financial crimes can often net high dollar amounts, but when a person is caught, the penalties can be significant.
On November 13, a Maryland man pled guilty to federal bank fraud conspiracy and identity theft charges. Aggravating the charges was the fact that the man committed these crimes while on supervised release after serving prison time for a previous fraud scheme.
The 37-year-old man from Owings Mills worked with other men to commit bank fraud on multiple occasions. They would commit the crimes by using the personal information of individuals, without the victims’ knowledge or permission.
One specific incident occurred on June 5, 2019. The man executed an “instant credit” scheme with help from a co-conspirator. By using a fictitious driver’s license and the personal information of one of the victims, they were able to obtain a store credit card from a home improvement store.
The credit application was approved. The men were given a credit card with a $12,000 line of credit. The credit could be used immediately, so the men used the account on June 5 and June 6, 2019. They made four purchases at four different store locations, with the purchases totaling $5,988.14.
The man faces up to 30 years in federal prison for bank fraud conspiracy. He also faces a mandatory two years in federal prison for aggravated identity theft.
This was not the first time the man had been convicted of fraud, however. In July 2012, the man was sentenced to 102 months in federal prison after being convicted of multiple crimes, including bank fraud conspiracy, aggravated identity theft and access device fraud.
Bank fraud is the illegal use of money, assets or other property owned by a financial institution. Bank fraud is different from bank robbery or theft in that it involves schemes. Because of this, bank fraud is often classified as white collar crime.
Bank fraud may involve a variety of elements. It may involve forged checks or fraudulent documents. It may involve fraudulent loans or skimming debit and credit cards. Some bank fraud schemes take advantage of floating checks, which causes money to be available two places at the same time. An old scheme often used is money laundering, which hides the origin of money through various transactions.
Fraud is often a felony charge. A person can face serious penalties, especially when they have a previous charge on their criminal record.
If you have been accused of bank fraud or some other embezzlement scheme, seek aggressive representation from the Columbia white collar crime lawyers at the Law Offices of Todd K. Mohink, P.A. We can help protect your reputation with a solid defense. To schedule a free consultation, fill out the online form or call (410) 774-5987. We have two offices to serve you.
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Glen Burnie, MD 21061
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Columbia, MD 21044