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What is wire fraud and how is it committed?

On Behalf of | Feb 2, 2022 | Uncategorized |

Wire fraud is a federal offense like many other types of white-collar crimes in Florida. It occurs when a person uses electronic communications to convey fraudulent messages for personal gain. It can occur through texts, emails, social media, calls or faxes.

Examples of wire fraud

A typical example of wire fraud is the Nigerian prince scam, which involves sending fraudulent emails claiming to be a wealthy prince requesting funds. The email states that if the recipient helps, they will receive a portion of the prince’s wealth. If the person falls for it and sends money, they lose their cash.

Other instances of wire fraud are calls claiming to be from an official governmental agency such as the Internal Revenue Service. If a person isn’t savvy enough to recognize the scam, they could give away their sensitive information, including personal and financial data and Social Security numbers.

What are the penalties for wire fraud?

A conviction for wire fraud can have serious consequences. If a person is convicted, they can face as much as 20 years in federal prison and a fine ranging up to $250,000. If an organization is found guilty of the crime, the fine can be as high as $500,000.

Individuals who are convicted of wire fraud against a financial institution can receive even stronger penalties. The prison sentence can be up to 30 years while the fine could be up to $1 million.

It’s even possible to be convicted of wire fraud without the crime actually being carried out; a conviction can occur if there is proof that there was an intention to steal money. This shows how seriously the crime is taken.

Being accused of wire fraud can have long-term consequences. Anyone facing these charges needs a solid defense to protect their rights.