financial and securities fraud
type: Concept
narrower: bank fraud

fraud
type: Concept
narrower: bank fraud

business fraud and crimes
type: Concept
narrower: bank fraud

concepts
type: Collection
type: ConceptGroup
member: bank fraud

bank fraud
definition: BANK FRAUD IS A SPECIALIZED type of criminal deception that involves customers, employees of the bank, or others who knowingly execute, or attempt execute a scheme to obtain money, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a federally chartered or insured financial institution by means of false or fraudulent pretenses, representations, or promises.A federally chartered or insured financial institution is a bank with deposits insured by the Federal Deposit Insurance Corporation (FDIC), or a credit union with accounts insured by the National Credit Union Administration Board, or a federal home loan bank.On October 12, 1984, President Ronald Reagan signed into law the Comprehensive Crime Control Act of 1984. It was designed to fill an obvious gap in the federal criminal laws by enacting the first true federal bank fraud statute. [Source: Encyclopedia of White-Collar & Corporate Crime; Bank Fraud]
broader: fraud
broader: financial and securities fraud
broader: business fraud and crimes
type: Concept