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Knoxville Trio Indicted for Bank Fraud

The charges state that the Mubaraks and Sanders conspired to defraud 5 banks over a 4 year period, from 2007 to 2011, relieving the financial institutions of $6.7 million through the use of fraudulent loans. Ray Mubarak in particular is also charged with engaging in multiple unlawful monetary transactions, tacking on an extra $10,000 in bank fraud proceeds. At the appearance, the three pleaded not guilty. Their trial is set for May 5, 2015, but until a verdict is reached, they are considered innocent until proven guilty beyond reasonable doubt.

Bank fraud is a very serious offense. There are many ways to commit this crime, from writing a bad check to laundering money. Basically, anything that would help you obtain money from a financial institution that isn't actually your money would be considered bank fraud.

Bank fraud can include:

-Using or attempting to use stolen checks

-Exploiting banks which deposit money from a check before the check actually clears

-Forging or altering checks, including the name or amount of money on the check

-Keeping fraudulent sales, income, or other financial records

-Taking or attempting to take out a loan under false pretenses, include applications

-Impersonating an account holder

-Money laundering, or the "cleansing" of money obtained by illegal means by cycling it through a business, charity or other "clean" source

Any of the above-referenced methods can land you in court for bank fraud.

So, our friends from the alleged bank conspiracy are in the hot seat now, but what can they look forward to if they are found guilty? Bank fraud can lead to incarceration, with sentences ranging up to 30 years. On top of this, the Court can add financial penalties, such as fines and restitution, to any Judgment against a convicted defendant.

What can you take away from this? Simple: Don't commit bank fraud. If the money isn't yours, it will always belong to someone else-and if you try to take it through fraudulent means, the law will make sure you pay it back with your time, your money, and a load of financial penalties in the form of fees and fines.

The charges state that the Mubaraks and Sanders conspired to defraud 5 banks over a 4 year period, from 2007 to 2011, relieving the financial institutions of $6.7 million through the use of fraudulent loans. Ray Mubarak in particular is also charged with engaging in multiple unlawful monetary transactions, tacking on an extra $10,000 in bank fraud proceeds. At the appearance, the three pleaded not guilty. Their trial is set for May 5, 2015, but until a verdict is reached, they are considered innocent until proven guilty beyond reasonable doubt.

Bank fraud is a very serious offense. There are many ways to commit this crime, from writing a bad check to laundering money. Basically, anything that would help you obtain money from a financial institution that isn't actually your money would be considered bank fraud.

Bank fraud can include:

-Using or attempting to use stolen checks

-Exploiting banks which deposit money from a check before the check actually clears

-Forging or altering checks, including the name or amount of money on the check

-Keeping fraudulent sales, income, or other financial records

-Taking or attempting to take out a loan under false pretenses, include applications

-Impersonating an account holder

-Money laundering, or the "cleansing" of money obtained by illegal means by cycling it through a business, charity or other "clean" source

Any of the above-referenced methods can land you in court for bank fraud.

So, our friends from the alleged bank conspiracy are in the hot seat now, but what can they look forward to if they are found guilty? Bank fraud can lead to incarceration, with sentences ranging up to 30 years. On top of this, the Court can add financial penalties, such as fines and restitution, to any Judgment against a convicted defendant.

What can you take away from this? Simple: Don't commit bank fraud. If the money isn't yours, it will always belong to someone else-and if you try to take it through fraudulent means, the law will make sure you pay it back with your time, your money, and a load of financial penalties in the form of fees and fines.

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Mr. McKellar was voted by his peers as a “Top Attorney” by Knoxville’s CityView magazine in its 2010, 2011, 2012, 2013, 2014, and 2015 editions. In 2014, 2015, and 2016, Mr. McKellar was selected as a member of the “Top 100 Trial Lawyers” by the National Trial Lawyers.

Ms. Easter was voted by her peers as a “Top Attorney” in Cityview Magazine for Family Law / Divorce / Child Support in 2012, 2013, 2014, 2015 and 2016.

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