Over 65 Years Of Combined Trial Experience

What are the punishments for wire fraud?

On Behalf of | Jul 4, 2023 | White Collar Crimes |

Wire fraud is a serious crime, and the legal system does not treat it lightly. These cases often involve complex legal principles and are based on both federal and state laws.

If you are facing charges for wire fraud, it is important to understand the potential penalties.

Definition of wire fraud

Wire fraud involves the use of interstate wire communications to carry out a fraudulent scheme. This includes using the internet, phone lines or television broadcasts to defraud someone of money or property. Wire fraud can encompass a wide variety of actions, from phishing scams to complex financial fraud schemes.

Federal penalties for wire fraud

Wire fraud usually falls under federal jurisdiction because it typically involves interstate communications. Under federal law, the penalties for wire fraud can be severe. Convictions can result in up to 20 years in prison. If the fraud affects a financial institution or is connected to a presidentially declared disaster or emergency, the potential prison sentence increases to up to 30 years.

In addition to imprisonment, you could face substantial fines. Federal law allows for fines of up to $250,000 for individuals and $500,000 for organizations.

Moreover, courts often order those convicted of wire fraud to pay restitution. This means you would have to repay the amount of money you obtained through the fraud. The court determines the amount of restitution based on the loss to the victim, not the gain to the defendant.

The impact on your future

A conviction for wire fraud can have serious implications beyond the legal penalties. It can affect your future employment opportunities, as many employers are wary of hiring someone with a fraud conviction. It can also impact your personal relationships and reputation.

With the high stakes involved in wire fraud cases, understanding the nature of the crime, the associated penalties and the far-reaching implications is crucial for anyone facing such charges.