Bank Fraud, 18 U.S.C. § 1344
Section § 1344 of the U.S. Code, describes bank fraud as follows:
Whoever knowingly executes, or attempts 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.
Under section 1344(a)(2) the property subject to the fraud must have been owned by or under the ''custody or control'' of the financial institution.
The prosecution must prove that the accused: (1) knowingly, (2) executed or attempted to execute, (3) a scheme or artifice to defraud or to obtain, by means of false or fraudulent pretenses, representations or promises, any of the moneys or funds, credits, assets, securities, or other property owned by or under the custody or control of (4) a financial institution.
The bank fraud statute is used to prosecute crimes such as title frauds, conversions of stolen checks, frauds involving the use of ATM machines, and check kiting schemes.
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