White Collar Crime Attorney in Boca Raton, Florida
What is wire fraud, what are the key elements prosecutors must prove, and what penalties could someone face if convicted?
What is wire fraud, what are the key elements prosecutors must prove, and what penalties could someone face if convicted?
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Wire fraud is far and away the most
commonly used statute in the federal
white collar space. And technically
speaking, the elements of wire fraud are
a scheme and artifice to defraud that
involves criminal intent and that
induces somebody to depart with their
money, property or otherwise something
that is material. And material is an
important term. Uh there’s a lot of ways
to defend against various elements of
wire fraud. In a more simple way of
saying it, it’s making a representation
to somebody using the wire. So it has to
still be under federal jurisdiction. It
has to be some form of electronic
communication that crosses state
boundaries. Uh certainly international
counts as well. So you have to have an
electronic communication. You have to
have the communication being one that is
a misrepresentation or otherwise
deceitful or fraudulent. And that
misrepresentation induced someone to
depart with their money or property in
something that is material. Not
everything is considered material. And
that’s a big misconception about wire
fraud. There are very very many ways to
say that what a person departs with is
not a material departure. It’s not
money. It’s not property. It might be
information. It might be an idea. It
might be a decision, but not something
that is in fact material under the law.
So, the potential penalties of wire
fraud vary between 20 to 30 years. 20
years is the standard for wire fraud.
This is the maximum penalty. This is not
what a person can reasonably expect
their sentence to be. But under the code
under United States Code 1343, this is
the maximum penalty for wire fraud. Now,
if the wire fraud, if the conduct is
dealing with a bank or a financial
institution, or if it occurs during a
time of a crisis, a national emergency,
those penalties can be increased to 30
years.
Boca Raton, FL criminal defense attorney David Tarras talks about wire fraud, the key elements prosecutors must prove, and what penalties could someone face if convicted. He indicates that wire fraud is the most frequently charged statute in the federal white-collar arena. Legally, it involves a scheme to defraud carried out with criminal intent, where the misrepresentation induces someone to part with money, property, or another material asset. The term “material” is critical, as not every loss or transfer qualifies under the statute.
In simpler terms, wire fraud occurs when a false or fraudulent representation is made through electronic communication under federal jurisdiction, typically crossing state or international boundaries. The misrepresentation must be significant enough to influence the victim’s decision to relinquish money, property, or another legally recognized material interest. While some losses may involve information, ideas, or decisions, not all are considered “material” under federal law—an important defense point in these cases.
The penalties for wire fraud are severe. Under 18 U.S.C. § 1343, the maximum sentence is 20 years. However, if the conduct involves a financial institution or takes place during a national emergency, the penalty can increase to 30 years. These maximums represent statutory limits, not necessarily the sentences a defendant can reasonably expect in practice.
