Bank fraud
Official text prohibited actmental stateif conditionpenaltylegal term
Whoever knowingly executes, or to execute, a scheme or artifice—
(1) to defraud a financial institution; or
(2) to obtain any of the moneys, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises;
shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
History: (Added Pub. L. 98–473, title II, §1108(a), Oct. 12, 1984, 98 Stat. 2147 (PDF, 62 MB); amended Pub. L. 101–73, title IX, §961(k), Aug. 9, 1989, 103 Stat. 500 (PDF, 56 MB); Pub. L. 101–647, title XXV, §2504(j), Nov. 29, 1990, 104 Stat. 4861 (PDF, 27 MB).)
Simplified explanation
It is a federal crime to knowingly carry out, or try to carry out, a scheme to cheat a bank or other financial institution, or to get its money or property by lying.