What are the penalties for bank fraud?

In Virginia, bank fraud is a white collar crime punishable by both state and federal laws. According to the Virginia Code, anyone who obtains money or other property from a financial institution through fraud or false pretenses is guilty of bank fraud. The punishment for bank fraud depends on the value of the money or property taken. If the value is less than $200, it is a Class 1 misdemeanor, with a punishment of up to 12 months in jail or up to a $2,500 fine, or both. If the value is between $200 and $500, it is a Class 6 felony, with a punishment of one to five years in jail or a fine of up to $2,500, or both. If the value is between $500 and $1,000, it is a Class 5 felony punishable by one to 10 years in jail or up to a $2,500 fine, or both. If the value is between $1,000 and $10,000, it is a Class 4 felony punishable by two to 10 years in jail or a fine of up to $100,000, or both. If the value is greater than $10,000, it is a Class 3 felony punishable by five to 20 years in jail or a fine of up to $100,000, or both. Additionally, federal law may also punish bank fraud under Title 18 U.S. Code Section 1344 with a prison sentence of up to 30 years and/or a fine. Anyone convicted of bank fraud may also be required to pay restitution to the victims of the fraud.

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What are the penalties for bank fraud?

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