Supreme Court Says Bank Fraud Statute Doesn’t Require Proof of Intent to Fool Bank
The U.S. Supreme Court says prosecutors may obtain a conviction under the federal bank fraud statute 18 U.S.C. § 1344 without proof of intent to fool a bank.
Partner Jeremy Sternberg said the court’s opinion ‘‘gives to prosecutors with one hand and takes away with the other.’’
Mr. Sternberg also said there are enough federal criminal statutes prohibiting fraudulent conduct so that even if the bank fraud statute doesn’t cover a particular run-of-the-mill fraud, there will be some other federal statute — such as the wire fraud or mail fraud statute — that the government can use to prosecute the scheme.
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