Any action that intentionally deceives individuals for the purpose of obtaining assets from them or causing them harm is termed fraud. Most fraud crimes are punished at the state level, with various penalties depending on the severity of the crime. However, if a person commits the crime of fraud involving electronic communications in any form, the crime can be prosecuted at the federal level as wire fraud, which carries much harsher fines and penalties.
If you or someone you know has been accused of wire fraud, it is important that you secure legal representation. While the distinction between ordinary criminal fraud and wire fraud may seem arbitrary, wire fraud is a very serious offense that can have life-altering consequences. Contact the fraud defense attorneys to learn more about what you can do to protect your rights and freedoms.
Penalties for Wire Fraud
Because it is considered a federal offense, any type of fraud involving electronic communication carries especially severe fines and penalties. These include:
- Significantly higher fines than comparable fraudulent acts not involving electronic communications
- Imprisonment for up to 20 years
- If the fraud was perpetrated against a financial institution, the fines can be as high as $1,000,000 and prison sentences can be up to 30 years
Being convicted of wire fraud can cause irreparable damage to your life and your livelihood.