Being accused of being involved in a major bank fraud scheme can result in a person facing severe consequences. Such accusations can lead to a person facing numerous criminal charges. A person can receive harsh criminal penalties if they are convicted of these types of charges. These penalties could include a large jail sentence.
Recently, a federal jury in Virginia reached its decision in a bank fraud case. The case involved a 58-year-old man who used to be the chairman of a Florida-based mortgage lender. The man was accused of being part of a large bank fraud scheme during his time with the company.
The scheme allegedly involved many wrongful actions, including the use of money transfers and sales of “fake” mortgages to hide the company’s true financial state. Authorities claimed that the scheme went on for several years and resulted in the government and investors losing billions of dollars. The scheme also allegedly caused a bank to collapse.
The man faced criminal charges in connection to his alleged role in the bank fraud scheme. The man stood trial and, on Tuesday, the jury reached its decision. The jury found the man guilty on 14 criminal counts. The crimes the man was found guilty of included fraud conspiracy, wire fraud, securities fraud and bank fraud. According to the New York Times, the man could receive a substantial prison sentence in connection to this conviction.
Any criminal attorney in Miami knows that being found guilty of being involved in a major bank fraud scheme can have serious consequences. This case shows how such a conviction can lead to a person facing the possibility of a long prison sentence. Thus, having a strong defense can be very important when one faces charges related to bank fraud.
Source: The New York Times, “Leader of Big Mortgage Lender Guilty of $2.9 Billion Fraud,” Ben Protess, 19 Apr 2011