The elements of bank fraud under 18 U.S.C. § 1344(1) are:
that the defendant knowingly executed or attempted to execute a scheme to defraud a financial institution;
that the defendant did so with the intent to defraud; and
that the financial institution was insured by the FDIC.
The intent to defraud may be established by circumstantial evidence.
Examples of SOX case cases entailing disclosures of bank fraud include:
Guitron v. Wells Fargo Bank, N.A., No. C 10-3461 CW, 2012 WL 2708517 (N.D. Cal. July 6, 2012), where the court held that disclosures about bankers allegedly opening and closing accounts “without the customer’s permission or knowledge” and misleading customers about the terms of accounts were protected under SOX.
Erhart v. BofI Holding, Inc., No. 15-cv-02287 (S.D. Cal. Sept. 11, 2017), where the court held that plaintiff’s disclosures about the CEO depositing third-party checks for structured settlement annuity payments into a personal account, including nearly $100,000 in checks made payable to third parties, were protected under Section 806 of SOX.
Whistleblower Protections for Banking/Financial Services Whistleblowers
Sarbanes-Oxley Whistleblower Damages and Remedies
SOX Whistleblower Lawyers’ Guide to SOX Whistleblower Protection Law
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