Deception used to make monetary gain carries extreme legal repercussions in the state of Texas. What might seem like a rather insignificant action on your part can impact many people.
When you understand the most common consequences of committing bank fraud, you can identify your next steps.
Perhaps the most obvious consequence is imprisonment. According to The Federal Deposit Insurance Corporation, bank fraud includes the collection of assets, funds, credits, securities and other monetary gains via illegal means. Defrauding banking institutions is a serious crime that could land you in prison for up to 30 years if a court finds you guilty.
Bank fraud can impact consumers, investors and financial institutions. What you might not realize immediately is that your actions can negatively impact many others. In serious cases, the courts might require you to repay some of the damages you caused, which could result in hefty fines. These fines could amount to hundreds of thousands of dollars.
If you face a requirement to repay the monies you have fraudulently collected, you might not have enough capital to pay those fines. As such, officials might require you to forfeit your assets. They will seize your property to help repay some of the fines.
Your reputation can also sustain serious harm if you commit bank fraud. Fortunately, you can rebuild others’ trust in you when you commit to having integrity going forward. With the right legal guidance, a willingness to satisfy all legal repercussions and a resolve to come out on top, you can put your experience behind you and move on with your life.