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Loan fraud charges in Wisconsin

When making statements to a bank in relation to a loan application, it is very important to avoid making incorrect statements. When a person is accused of making false statements regarding the details of a security, piece of land or property in relation to such an application, they could end up facing loan fraud charges, depending on the circumstances.

Now, an important thing to note is that making such a false statement does not, all on its own, constitute loan fraud in Wisconsin. Rather, in order for such a false statement to be loan fraud in the state, it must have also been all of the following:

  • Made knowingly.
  • Made for the purpose of influencing a financial institution’s behavior regarding a loan/loan application.
  • Made with fraudulent intentions towards a financial institution.

Thus, the “why” of an alleged incorrect loan-related-statement can matter quite a bit in cases involving loan fraud allegations.

If a person is accused of loan fraud, what class of charge could they face? It depends on how big of a loan the alleged fraud involved, as charge class for loan fraud is tied to loan amount here in Wisconsin. Under Wisconsin law, loan fraud is:

  • A Class E felony if the loan was over $100,000.
  • A Class G felony if the loan was greater than $10,000 but less than or equal to $100,000.
  • A Class H felony if the loan was greater than $500 but less than or equal to $10,000.
  • A Class A misdemeanor if the if the loan was equal to or less than $500, with the exception that this is a Class I felony if the perpetrator was convicted of certain crimes against property in the past.

As this underscores, all kinds of specifics can be impactful when loan fraud allegations are leveled. Thus, when facing allegations of making false statements in relation to a loan, it can be important for a person to have the guidance of a white collar crime attorney knowledgeable of the complexities of loan fraud law in the state when deciding how to proceed.

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