What Are the Penalties for Wire Fraud Under Federal Law?
Wire fraud is one of the most commonly charged federal crimes in the U.S. It is a white collar crime defined in 18 U.S.C. § 1343, which makes it illegal to use any form of “wire, radio, or television” to perpetrate fraud. The severe potential penalties – up to $1 million in fines and 30 years in prison – make defending against a wire fraud charge an urgent matter.
Wire Fraud Defined
Wire fraud is defined as using any form of electronic or wired communication to commit a fraud. “Fraud” here means to take someone else’s property through deceptive means. If you used the internet, a phone, a radio, or any wire communication to facilitate the scheme, that is wire fraud. Whether you achieved the outcome is irrelevant – even an unsuccessful attempt can trigger a wire fraud charge.
Elements of Wire Fraud
The prosecution has to prove:
- There was a scheme or plan to commit fraud
- The defendant acted with fraudulent intent
- The defendant knew about the scheme and its fraudulent nature
- The defendant used wire communications to further or attempt the scheme
Wire Fraud Penalties
Conviction carries:
- Up to $250,000 in fines (or up to $1 million if the victim was a financial institution or the fraud was related to a federal emergency)
- Up to 20 years in federal prison (or up to 30 years if the victim was a financial institution or the fraud was related to a federal emergency)
What is the Statute of Limitations?
The statute of limitations for wire fraud is 5 years, though it gets extended to 10 if the wire fraud scheme targeted a financial institution or was related to a federal disaster relief program.
Collateral Consequences of a Wire Fraud Conviction
- Ineligibility for federally funded housing programs or welfare
- Ineligibility to receive federal student loans
- Loss of professional license to work in your field
- Disqualification from holding public office
- Deportation from the U.S. if you are not a citizen
Contact Spodek Law Group today at 908-643-7005 for legal advice if you have been accused of wire fraud.
Written By
Todd Spodek
Todd Spodek is the Managing Partner of Spodek Law Group P.C. He is a second-generation trial attorney who has been recognized as one of the Top 100 Trial Lawyers in the country. He has represented clients in some of the highest-profile federal criminal cases in the Eastern District of Pennsylvania and beyond.
