1992) (finding under [sections] 1344(1), one need only show "scheme to defraud," which in check kiting
scheme hinges on what defendant actually knew about status of accounts used); United States v.
1997) (finding that sentence enhancement based on loss sustained by victims of defendant's bank could be based on entire loss suffered by the bank, including amounts defendant had repaid since the discovery of his check kiting
scheme); United States v.
Put simply, check kiting
is accomplished by taking advantage of the float--that is, the time required for a check deposited in one bank to be physically presented for payment at the bank on which it was drawn.
1992) (unlike subsection (2), subsection (1) does not require a material misrepresentation and therefore, under [sections] 1344(1), a check kiting
scheme can support a conviction of bank fraud); see also United States v.
8 million charge from the check kiting
scheme and was partially offset by the elimination of personnel, transaction fees and other operating expenses related to the termination of the Wal-Mart ATM agreement.
The Company is aggressively pursuing collection of the check kiting
loss from the customer, and there is also the possible recovery from insurance policies.
The decrease in other non-interest expenses was primarily due to a one time loss expense recorded in 2005 as a result of a check kiting
matter and due to a decrease in expenses for chargeoff's on deposit accounts, and lower expenses on foreclosed and owned real estate properties during 2006.
Three counts related to the check kiting
between accounts at Alabama One and West Alabama Bank and Trust, and three counts related to defrauding the Small Business Administration and another used auto firm.
Traditional anti-fraud systems focus narrowly on transactional activities such as credit card theft, check kiting
and counterfeiting, but newer forms of identity theft often involve seemingly benign, non-transaction events, including legitimate activities such as opening a new credit card account or changing a password.
Madison also filed a counterclaim against Union Planters claiming the Tennessee bank knew about a check kiting
scheme involving VSM Delivery and Freight Payment.
Excluding the check kiting
charge, the prepayment penalty and the gain in the sale of equity securities, net income, (using a non-GAAP financial measure), for the first nine months of 2006 would have been $2.
He pleaded guilty to defrauding the Small Business Administration and check kiting
in February 2014.