Wire Fraud
While one would think that the crime of wire fraud is largely driven by the growth of the Internet, the truth is that wire fraud is a crime that's been in existence as long as electronic communication has been possible, dating back to the telegraph. Like many things, the Internet has only made this crime more available as an option to those who wish to pursue it, but legal standards for such an act have been in place for a long time.
Wire fraud is almost always prosecuted on the federal level, as the federal government has jurisdiction over any crime that's committed across state lines. When thinking about the nature of wire fraud, that's almost always how it plays out, and why you need to contact our lawyers as soon as possible if you're facing prosecution for this crime. In the meantime, below is a basic overview of federal wire fraud law.
Definition of Wire Fraud
The federal government defines wire fraud as follows:
who has devised or intends to devise a scheme or artifice to- defraud, or
- to obtain money or property by means of false or fraudulent
- pretenses
- representations, or
- promises
- to transmit, or cause to be transmitted by means of wire, radio, or television communication, any
- writings
- signs
- signals
- pictures, or
- sounds
- for the purpose of executing the scheme or artifice.
Wire Fraud Penalties
The penalties for wire fraud depend on the nature of the victim. If the victim is an individual or general business entity, the defendant could face a substantial fine and up to 20 years in prison if he or she is convicted. However, the penalties become more severe if the victim is deemed to be a financial institution.
If that's the case, the convicted defendant could face up to 30 years in prison and a fine of up to $1,000,000.00. Another aspect of these punishments to consider is that when someone is sentenced by a federal judge, that judge is somewhat limited in his or her sentencing discretion by federal sentencing guidelines, and the convicted defendant will most likely serve nearly all of the sentence handed down, as federal inmates do not generally become eligible for early release.
The punishment for wire fraud is more severe for those who commit it against a financial institution because of basic public policy concerns. The government wants American citizens to feel safe and reassured that their deposits, retirement accounts and other assets are strongly protected, not only against the occurrence of wire fraud but also against any sort of cavalier attitude in regards to being caught and convicted. The legislature wanted to do everything possible to provide a strong deterrent against wire fraud, and this is how it's generally done.
As you see, wire fraud can encompass many different forms of conduct, but also carry serious consequences if the defendant is convicted. If you are facing this situation, you need to contact the Blanch Law Firm as soon as possible to begin building your defense.
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