Wire fraud comes in many forms, but all of them involve the same kind of misconduct. One party attempts to trick another person or business into transferring money under fraudulent pretenses, typically using telecommunication technology. Email schemes where one person claims to be a big business to trick people into sending money are one example of wire fraud.
Wire fraud is a popular form of fraud in part because it can be quite hard to track once the money leaves an account. Telecommunication advances have made it easier than ever before for people in one location to reach out to and trick those far away from them.
Those implicated in wire fraud schemes may feel shocked to learn that the charges against them may be federal offenses rather than North Carolina state charges.
Why are wire fraud charges federal crimes?
Wire transfers make use of the Federal Reserve, and many forms of fraudulent communication may use crucial infrastructure managed by interstate businesses. They also often involved financial institutions, people or businesses in different states or even different countries. As such, it is the federal law regarding fraudulent financial conduct that applies.
What do wire fraud charges mean for those accused?
The amount of money involved and the circumstances of the alleged wire fraud will profoundly impact the penalties that someone faces.
The penalties for wire fraud can include up to 20 years in prison and fines of as much as $250,000 for individuals or twice that much for businesses implicated in wire fraud schemes. Understanding the fraud charges against you is an important first step if you hope to defend yourself against those allegations.