Maryland Man Sentenced for Bank Fraud of More Than $1.5 M

 Posted on December 11, 2024 in Criminal Defense

A Maryland man was recently sentenced to 30 months in prison for conspiracy to commit bank fraud. The 67-year-old man from Pikesville and his co-conspirators allegedly debited money from the bank accounts of victims across the United States without authorization. Shell companies were created, and then banks were told that debits against consumers’ bank accounts were authorized as payment for services rendered.

To conceal the fraud and continue the unauthorized debits, "micro-debits" were generated against other bank accounts funded by those involved in the scheme. These micro-debits were intended to reduce bank scrutiny. Overall, the alleged scheme generated more than $1.5 million in losses. Criminal offenses like this fall under the umbrella of white-collar crimes and are often prosecuted federally, although they can also be prosecuted by the state.  

In August 2024, the Justice Department reported 355 new white-collar crime prosecutions, up five percent from the prior month. You must take the charges very seriously if you have been charged with a white-collar crime. Speaking to an experienced Northern Baltimore County, MD white-collar crime attorney from Baltimore Legal Services can help ensure you receive a comprehensive defense and the best outcome possible.  

What Are White-Collar Crimes?

Although white-collar crimes are not violent crimes like assault, murder, or robbery, they are not entirely victimless. White-collar crimes can potentially cost investors billions of dollars, take an individual’s life savings, or destroy a company. White-collar crimes are usually considered illegal or unethical acts that violate public trust and may be committed by an individual or an organization, often during the course of legitimate work activities. Some of the more common types of white-collar crimes include:

• Embezzlement
• Healthcare fraud
• Money laundering
• Securities and commodities fraud
• Mortgage fraud
• Banking fraud
• Theft of intellectual property
• Bribery
•  Organized crime
• Cybercrime
• Identity theft
• Drug trafficking

Are the Penalties for White-Collar Crimes Harsh?

Generally speaking, federal penalties are harsher than state penalties. White-collar criminal penalties are usually harsh. Some examples of the potential penalties for white-collar criminal convictions include:

• Embezzlement penalties include up to 10 years in prison and significant fines under federal law, while the Maryland penalty includes up to five years in prison.
• Money laundering penalties include up to 20 years in prison and fines up to $500,000 under federal law and up to 10 years in prison and fines as large as $250,000 under Maryland law.   

Defenses to White-Collar Crimes

While the exact defense used will depend on the specifics of the case, along with the evidence backing up the charges, some of the more common defenses used for white-collar crimes include:

• Lack of intent to commit the crime means the defendant did not knowingly and willingly commit the offense. Since intent is a critical element of white-collar crime prosecution, the prosecution must be able to prove that the defendant had specific intent to commit the offense.  
• Challenging the evidence can be a valid defense when some or all of the evidence is not gathered legally. Since the Fourth Amendment protects against unreasonable searches and seizures, this defense could be used for a white-collar crime.  
• Violation of other Constitutional rights, such as the right to be properly Mirandized once arrested and the right to an attorney, could result in the charges being reduced or dropped.
• The statute of limitations may have been exceeded in the case. If the government fails to bring a case before the expiration of the statute of limitations, it may not prosecute the defendant.
• The duress defense could be used if the defendant was physically or verbally threatened into committing the white-collar crime.

Contact a Hartford County, MD White-Collar Crime Lawyer

If you are facing white-collar criminal charges – or any type of criminal charges – you need a strong legal advocate who will fight for your rights, your freedom, and your future. Attorney Brendan O’Brien is unwaveringly dedicated to securing justice for his clients and committed to a personalized, strategic representation tailored to each client’s needs.

Having an experienced Northern Baltimore County, MD white-collar crime attorney by your side who has helped more than 10,000 clients is extremely important when you are facing criminal charges. Contact Baltimore Legal Services at 858-523-8423 to schedule your free consultation. We are available 24/7 and have a custom flat fee arrangement.