High Court Eschews Technicalities In Bank Fraud Law Ruling

Law360, New York (December 13, 2016, 5:12 PM EST) -- On Monday, Dec. 12, the U.S. Supreme Court issued a unanimous decision clarifying subsection 1 of the bank fraud statute, 18 U.S.C. §1344, in Shaw v. United States. The bank fraud statute makes it a federal crime to "execute[], or attempt[]to execute, a scheme or artifice —

(1) to defraud a financial institution; or

  (2) to obtain any of the moneys, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises."

The Shaw Decision

In Shaw, the defendant, Lawrence Shaw, created...

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