© 2022 90.5 WESA
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations

Supreme Court Upholds Broad Reach Of Bank Fraud Law

AP_16309661777435.jpg
Manuel Balce Ceneta
/
AP

 

 

The Supreme Court is upholding the broad reach of a federal law prohibiting bank fraud.

The unanimous ruling on Monday came in the case of a California man who illegally siphoned about $307,000 out of a Taiwanese businessman's Bank of America bank account.

Justice Stephen Breyer rejected Lawrence Shaw's claim that the law applies only when a defendant intends to cheat the bank itself — not a bank customer. Breyer said the bank has property interests in the customer's account and that Shaw misled the bank to steal the customer's money.

The justices sent the case back to a lower court to decide whether the jury instructions in Shaw's case were correct.

The Associated Press is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers. AP is neither privately owned nor government-funded; instead, it's a not-for-profit news cooperative owned by its American newspaper and broadcast members.
WESA will be surveying Pennsylvania candidates for federal and state office for the 2022 general election — tell us which issues are most important to you.