Wire fraud is defined in 18 USC 1343 as the use of “the wires” to commit or with intent to commit a scheme or artifice to defraud. The elements of wire fraud directly compare to those of the mail fraud statute, but require the use of an interstate telephone call or electronic communication made in furtherance of the scheme.The key element placing this form of fraud into the purview of “wire fraud” is the use of interstate wire communications or other forms of facilitating communications, such as television, radio, microwaves, or the internet.
Like Mail Fraud, Wire Fraud also carries a penalty of up to 20 years in prison. In addition, if the wire fraud is used in a way that affects a financial institution such as a bank, this maximum penalty goes up to 30 years imprisonment as well as a $1 million fine. Also like Mail Fraud, Wire Fraud is commonly charged in combination with other white collar crimes such as bribery and bank fraud.
Due to the heavy penalties and large stakes associated with wire fraud charges, it is essential that you seek the expert advice offered by The Blanch Law Firm. If you have been charged with wire fraud, contact the Blanch Law Firm immediately at 646-797-4790.