The First Circuit Court of Appeals recently ruled that fraud alone isn’t enough to make a charge of defrauding a financial institution stick. There also has to be a financial institution. From the Kaiser Law Firm:
“… the Farm Services Agency found problems with some of Mr. Colon’s loan applications. An investigation followed. Mr. Colon was indicted in the United States District Court for the District of Puerto Rico with defrauding a financial institution… He was convicted at trial.
On appeal, Mr. Colon challenged his conviction for defrauding a financial institution and the First Circuit, in United States v. Colon, agreed that he shouldn’t have been convicted of that charge … [because] ‘the government … conceded [that] it offered no evidence that the FSA qualified as a “financial institution” at the time of the offense conduct in this case.’”
Read the update, You Can Only Be Convicted Of Defrauding A Financial Institution If The Thing You Defraud Is A Financial Institution - The Kaiser Law Firm PLLC»