Month: September 2016

Under federal laws which are stated the bank frauds in the United States are defined and also made illegal and are also primarily by the Bank Fraud Statutes which states that whoever knowingly executes or also attempts to execute it then a scheme or artifice to defraud it or a financial institution or sometimes to obtain any of the moneys or funds and credits and also assets along with securities or other property owned by it or under the custody and control of any financial institutions just by means of false or wrong or dishonest fraudulent pretenses or moderators or officers or can be representations and also promises then those shall be fined not just more than some dollars but plenty of dollars or can be imprisoned not more than 30 years or could be simply both.State laws may or may not or also criminalize the same or can be similar acts.

Uninsured deposits are about a bank that are soliciting public deposits and may or may not be uninsured or it is not licensed to operate at all. Then the objective is usually to solicit just for deposits to the uninsured bank and also some may also sell the stock representing the ownerships of their respective bank. Sometimes it happens that the names appear very much official or can also be very similar to those one of legitimate or legal banks. For instance or example the unlicensed formula of “Chase Trust Bank” of Washington which appeared in 2002 bearing some or no affiliation to its all seemingly some apparent namesake. But the real bank Chase Manhattan Bank is also based in New York. So basically Accounting fraud has played a role or also been used just to conceal other thefts or robbery which is taking place just within a company.

Such game plans are executed by the Property tycoons, which are played dangerously affecting the foreign people who invested huge amounts. It’s like the Vietnam’s largest fraud trial had began some weeks ago. The trial of Vietnam Commercial bank scamand its famous dishonest person named as former chairman Pham Cong Danh who accused of devising or applying different type’s scams to steal and dishonest ways of theft from the bank.Demand draft fraud is one of the types. This fraud typically sometimes involves one or also more corrupt bank employees or directors themselves. Firstly and lastly such employees who are dishonest should remove a few DD leaves or also DD books from stocks and write those just like a regular DD. Since the logic is that they are insiders of the bank they know many things such as the coding and can be punching of a demand draft. Then what happens is such fraudulent or false demand drafts are usually and can be drawn payable sometimes at a distant city with or without any debiting an account. We feel how it is possible, but it’s true. The draft is also cashed at the payable branch which is near to or far enough.

The fraud or such wrong steps is discovered or possible only when the bank’s head office is involved or does the branch-wise reconciliation or recognition which normally sometimes takes around six months or also by which time the money is already gone.Pham Cong Danh who was the chairman who was the mastermind behind the entire bank’s fraud.And all those 35 so called co-defendants were kicked off and removed with a preliminary hearing on all the allegations of fraud which those cost bank creditors had almost over VND9.1 trillion ($417 million) in over the three years.Similarly The Vietnam Commercial bank scam Statute was also passed following with the Supreme Court’s decision in almost in which the Court was held that cheque-kiting schemes which does not constitute the making false statements to all financial institutions. Congress did respond by passing such Statue named as the Bank Fraud Statute. It has subsequently been also bolstered by the

Financial Institutions Reform, Recovery and Enforcement Act. It does not cover or have certain forms of all money laundering or can be bribery or sometimes as passing bad checks. Other provisions or possibilities are covered in these offenses.Vietnam Commercial Bank did face this type of frauds named as unauthorized use of automated teller machines (ATMs) or credit card fraud.

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