Title 18 — Crimes and Criminal Procedure — § 1344. Bank fraud
Summary
Page 365 of Title 18, Crimes and Criminal Procedure, prints 18 U.S.C. § 1344, the bank fraud statute. It covers anyone who knowingly executes, or attempts to execute, a scheme or artifice to defraud a financial institution, or to obtain money, funds, credits, assets, securities or other property owned by or under the custody or control of a financial institution by false or fraudulent pretenses, representations or promises. The penalty is a fine of not more than $1,000,000 or imprisonment of not more than 30 years, or both. The notes record that the section was added in 1984 and that in 1990 Pub. L. 101–647 substituted 30 for 20 years. The page also prints § 1345, under which the Attorney General may sue in federal court to enjoin fraud and banking law violations and to restrain the disposal of property traceable to them.
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Page 365 TITLE 18—CRIMES AND CRIMINAL PROCEDURE § 1345
mitted, transferred, disbursed, or paid in connection (2) If a person is alienating or disposing of
with, a presidentially declared major disaster or emer- property, or intends to alienate or dispose of
gency (as those terms are defined in section 102 of the property, obtained as a result of a banking law
Robert T. Stafford Disaster Relief and Emergency As-
sistance Act (42 U.S.C. 5122)), or’’ after ‘‘If the viola-
violation (as defined in section 3322(d) of this
tion’’. title) or a Federal health care offense or prop-
2002—Pub. L. 107–204 substituted ‘‘20 years’’ for ‘‘five erty which is traceable to such violation, the
years’’. Attorney General may commence a civil action
1994—Pub. L. 103–322 substituted ‘‘fined under this in any Federal court—
title’’ for ‘‘fined not more than $1,000’’. (A) to enjoin such alienation or disposition
1990—Pub. L. 101–647 substituted ‘‘30’’ for ‘‘20’’ before
of property; or
‘‘years’’.
1989—Pub. L. 101–73 inserted at end ‘‘If the violation (B) for a restraining order to—
affects a financial institution, such person shall be (i) prohibit any person from withdrawing,
fined not more than $1,000,000 or imprisoned not more transferring, removing, dissipating, or dis-
than 20 years, or both.’’ posing of any such property or property of
1956—Act July 11, 1956, substituted ‘‘transmitted by equivalent value; and
means of wire, radio, or television communication in (ii) appoint a temporary receiver to admin-
interstate or foreign commerce’’ for ‘‘transmitted by ister such restraining order.
means of interstate wire, radio, or television commu-
nication’’. (3) A permanent or temporary injunction or
restraining order shall be granted without bond.
§ 1344. Bank fraud (b) The court shall proceed as soon as prac-
Whoever knowingly executes, or attempts to ticable to the hearing and determination of such
execute, a scheme or artifice— an action, and may, at any time before final de-
(1) to defraud a financial institution; or termination, enter such a restraining order or
(2) to obtain any of the moneys, funds, cred- prohibition, or take such other action, as is war-
its, assets, securities, or other property owned ranted to prevent a continuing and substantial
by, or under the custody or control of, a finan- injury to the United States or to any person or
cial institution, by means of false or fraudu- class of persons for whose protection the action
lent pretenses, representations, or promises; is brought. A proceeding under this section is
governed by the Federal Rules of Civil Proce-
shall be fined not more than $1,000,000 or impris-
dure, except that, if an indictment has been re-
oned not more than 30 years, or both.
turned against the respondent, discovery is gov-
(Added Pub. L. 98–473, title II, § 1108(a), Oct. 12, erned by the Federal Rules of Criminal Proce-
1984, 98 Stat. 2147; amended Pub. L. 101–73, title dure.
IX, § 961(k), Aug. 9, 1989, 103 Stat. 500; Pub. L.
(Added Pub. L. 98–473, title II, § 1205(a), Oct. 12,
101–647, title XXV, § 2504(j), Nov. 29, 1990, 104
1984, 98 Stat. 2152; amended Pub. L. 100–690, title
Stat. 4861.)
VII, § 7077, Nov. 18, 1988, 102 Stat. 4406; Pub. L.
Editorial Notes 101–647, title XXV, § 2521(b)(2), title XXXV, § 3542,
Nov. 29, 1990, 104 Stat. 4865, 4925; Pub. L. 103–322,
AMENDMENTS title XXXIII, § 330011(k), Sept. 13, 1994, 108 Stat.
1990—Pub. L. 101–647 substituted ‘‘30’’ for ‘‘20’’ before 2145; Pub. L. 104–191, title II, § 247, Aug. 21, 1996,
‘‘years’’. 110 Stat. 2018; Pub. L. 107–273, div. B, title IV,
1989—Pub. L. 101–73 amended section generally, re- § 4002(b)(14), Nov. 2, 2002, 116 Stat. 1808.)
stating former subsec. (a) and striking out former sub-
sec. (b) which defined ‘‘federally chartered or insured
Editorial Notes
financial institution’’. Prior to amendment, subsec. (a)
read as follows: ‘‘Whoever knowingly executes, or at- REFERENCES IN TEXT
tempts to execute, a scheme or artifice—
The Federal Rules of Civil Procedure, referred to in
‘‘(1) to defraud a federally chartered or insured fi-
subsec. (b), are set out in the Appendix to Title 28, Ju-
nancial institution; or
‘‘(2) to obtain any of the moneys, funds, credits, as- diciary and Judicial Procedure.
The Federal Rules of Criminal Procedure, referred to
sets, securities or other property owned by or under
in subsec. (b), are set out in the Appendix to this title.
the custody or control of a federally chartered or in-
sured financial institution by means of false or fraud- AMENDMENTS
ulent pretenses, representations, or promises, shall be
2002—Subsec. (a)(1)(B). Pub. L. 107–273, § 4002(b)(14)(A),
fined not more than $10,000, or imprisoned not more
substituted ‘‘; or’’ for ‘‘, or’’ at end.
than five years, or both.’’
Subsec. (a)(1)(C). Pub. L. 107–273, § 4002(b)(14)(B), sub-
§ 1345. Injunctions against fraud stituted semicolon for period at end.
1996—Subsec. (a)(1)(C). Pub. L. 104–191, § 247(a), added
(a)(1) If a person is— subpar. (C).
(A) violating or about to violate this chapter Subsec. (a)(2). Pub. L. 104–191, § 247(b), inserted ‘‘or a
or section 287, 371 (insofar as such violation in- Federal health care offense’’ after ‘‘title)’’.
1994—Pub. L. 103–322, § 330011(k), repealed Pub. L.
volves a conspiracy to defraud the United
101–647, § 3542. See 1990 Amendment note below.
States or any agency thereof), or 1001 of this 1990—Pub. L. 101–647, § 2521(b)(2), added subsec. (a), in-
title; serted subsec. (b) designation, and struck out former
(B) committing or about to commit a bank- first sentence which read as follows: ‘‘Whenever it shall
ing law violation (as defined in section 3322(d) appear that any person is engaged or is about to engage
of this title); or in any act which constitutes or will constitute a viola-
(C) committing or about to commit a Fed- tion of this chapter, or of section 287, 371 (insofar as
eral health care offense; such violation involves a conspiracy to defraud the
United States or any agency thereof), or 1001 of this
the Attorney General may commence a civil ac- title the Attorney General may initiate a civil pro-
tion in any Federal court to enjoin such viola- ceeding in a district court of the United States to en-
tion. join such violation.’’
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