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Michigan Fraud in Dealing with the FDIC Lawyer

The Federal Deposit Insurance Corporation, or FDIC, is an independent agency of the federal government created to ensure the deposits people make into financial institutions. Before the FDIC, there were no assurances for bank customers that their money would be available to them if they went to make a withdrawal.

All banks chartered by the United States are required to purchase FDIC insurance, and banks chartered by individual states have the option to do so as well. In either event, the leadership of these banks is obligated to accurately report their deposits to the FDIC for the purposes of making an accurate accounting of their holdings and liabilities. Any purposeful failure to do this is a federal criminal offense.

A Michigan fraud in dealing with the FDIC lawyer may be able to help if you are accused of making intentionally false statements to the FDIC. Attorneys specializing in fraud cases look at every case with a critical eye to evaluate the prosecutor’s charges, to examine the actions of the accused, and to create reasonable doubt in the minds of juries as to the allegations of the United States’ Attorney.

Bank Obligations under the FDIC

All banks that obtain a charter through the federal government are required to obtain FDIC insurance. Banks typically purchase this insurance in an amount of at least $250,000 and combine it with FDIC-led risk analysis and identification of liability to protect both themselves and consumers in the event of a market crash.

To assist with accurate risk analysis, all banks must provide truthful statements to the FDIC upon applying for insurance, as well as periodically over time. These statements must be sworn to by law and truthful to the best of the financial institution’s knowledge. Intentionally filing a false or misleading report can have serious legal ramifications, as any Michigan fraud in dealing with the FDIC lawyer could affirm.

How Does Federal Law Punish FDIC Fraud?

Alleged fraud against the FDIC is outlawed by federal statute. Specifically, 18 U.S.C. §1007 states that any person who, with the intent of influencing the FDIC, knowingly creates or invites reliance on a forged, altered, or counterfeit statement is guilty of a crime. This is a felony-level crime punishable by up to 30 years in prison and fines up to $1,000,000 dollars.

A key concept in this statute is the idea of intent. The law is written so that only people who intentionally mislead the FDIC are guilty. This means that people who simply make a mistake on an FDIC filing have not committed fraud under the law.

It is entirely on the prosecutor in these cases to demonstrate the defendant’s criminal intent beyond a reasonable doubt. Many FDIC fraud cases can be successfully defended by disputing evidence of the defendant’s intent, or mens rea.

How a Michigan Fraud in Dealing with the FDIC Attorney Could Help

Alleged fraud involving the FDIC is a classic example of a white-collar crime. Despite the purely financial nature of these alleged acts, the United States Code harshly punishes any person who intentionally misleads the FDIC.

Since all federally chartered banks are required to work with the FDIC, and many state-chartered banks choose to do so, bank leaders across Michigan must take steps to protect themselves. If you are facing prosecution for FDIC fraud, a Michigan fraud in dealing with the FDIC lawyer may be able to help.

A skilled attorney could work with financial institutions to develop a defense strategy that is specifically tailored to their case and needs. Call today to let one get to work for you.