Continuing financial crimes enterprise
Official text prohibited actmental stateif conditionpenaltylegal term
(a) Whoever—
(1) organizes, manages, or supervises a continuing financial crimes enterprise; and
(2) receives $5,000,000 or more in gross receipts from such enterprise during any 24-month period,
shall be fined not more than $10,000,000 if an individual, or $20,000,000 if an organization, and imprisoned for a term of not less than 10 years and which may be life.
(b)
For purposes of subsection (a), the term "continuing financial crimes enterprise" means a series of violations under section 215, 656, 657, 1005, 1006, 1007, 1014, 1032, or 1344 of this title, or section 1341 or 1343 affecting a financial institution, committed by at least 4 persons acting in concert.
History: (Added Pub. L. 101–647, title XXV, §2510(a), Nov. 29, 1990, 104 Stat. 4863 (PDF, 27 MB).)
Simplified explanation
It is a federal crime to organize, manage, or supervise a "continuing financial crimes enterprise" and receive $5 million or more from it within any 24-month period. Such an enterprise means a series of certain listed financial crimes, like bank fraud or certain wire and mail fraud affecting a financial institution, committed by at least 4 people working together.