What are the penalties for bank fraud?

In South Dakota, as in other states, bank fraud is considered a type of white collar crime. Bank fraud is defined as knowingly using false information in order to obtain funds from a financial institution. The penalties for this type of offense vary depending on the severity of the crime and the amount of money stolen. The most severe penalty for bank fraud in South Dakota is up to 35 years in prison and a fine of up to $500,000. In some cases, individuals convicted of bank fraud may face both prison time and a fine. Other penalties may include probation and restitution. Restitution is an order to pay back the money that was stolen or received through fraud. Probation is a period of time during which the offender is supervised, instead of being in prison. Individuals who are found guilty of bank fraud may also be required to perform community service, attend fraud-awareness classes, and pay court costs. No matter the penalty, bank fraud is a serious offense and should not be taken lightly. If you have been accused of bank fraud in South Dakota, it is important to contact an attorney to discuss your legal options.

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