§ 1324 Bank Fraud By Insiders

This law makes it a crime for bank workers to secretly take the bank's money or property for themselves and hide it by not recording it properly, if they do it on purpose to cheat.

Key Takeaways

•Only bank insiders like directors, officers, agents, or employees can be charged.
•They must knowingly take property that isn’t owed to them.
•They must intend to defraud the bank.
•They must hide the theft by failing to record it correctly.

Example

A bank teller steals cash from the vault and doesn't write it down in the bank's records, planning to keep the money for himself.

Because he knowingly took the bank's money without a valid reason and left it out of the books to hide it, the law says he is guilty of a felony.

Any director, officer, agent, or employee of any bank who knowingly receives or possesses himself or herself of any of its property otherwise than in payment of a just demand, and with intent to defraud, omits to make or cause to be made a full and true entry thereof in its books and accounts or concurs in omitting to make any material entry thereof is guilty of a felony. (Added by Stats. 2011, Ch. 243, Sec. 3. (SB 664) Effective January 1, 2012.)

This law makes it a crime for bank workers to secretly take the bank's money or property for themselves and hide it by not recording it properly, if they do it on purpose to cheat.

Key Takeaways

•Only bank insiders like directors, officers, agents, or employees can be charged.
•They must knowingly take property that isn’t owed to them.
•They must intend to defraud the bank.
•They must hide the theft by failing to record it correctly.

Example

A bank teller steals cash from the vault and doesn't write it down in the bank's records, planning to keep the money for himself.

Because he knowingly took the bank's money without a valid reason and left it out of the books to hide it, the law says he is guilty of a felony.

Key Takeaways

Example

Key Terms

References

§ 1324 Bank Fraud By Insiders

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References