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#51753 - 01/02/03 08:38 PM Kiting
Lu Offline
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Joined: Apr 2002
Posts: 597
We have a case of an employee kiting. I need to find where it states that kiting is a federal crime. It quotes Title 18.
Any help is appreciated!
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#51754 - 01/02/03 08:43 PM Re: Kiting
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,704
Cape Cod
Does it help to say that kiting is an attempt to defraud a federally-insured financial institution?
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#51755 - 01/02/03 08:44 PM Re: Kiting
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,679
Galveston, TX
Try 18 U.S.C. 1344

Sec. 1344. - Bank fraud

Whoever knowingly executes, or attempts to execute, a scheme or artifice -

(1) to defraud a financial institution; or

(2) to obtain any of the moneys, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises;

shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both

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#51756 - 01/02/03 08:45 PM Re: Kiting
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 79,679
Galveston, TX
P.S. Don't forget that if you have identified an employee kite you are required to file a SAR even if you choose not to pursue it criminally.
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#51757 - 01/02/03 09:55 PM Re: Kiting
Anonymous
Unregistered

OK, this is tentatively related, but I had to post it: I got a call from a woman who said that a bank was processing checks on the weekend and she thought that if a bank makes that change, they should give notice. Give notice to those who are kiting checks I asked? She said that older people get used to a certain system and are entitled to notice when it changes. I did not understand her complaint--that is like saying that drunk drivers should be notified that the police are putting up a road block to catch drunk drivers.

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#51758 - 01/02/03 10:21 PM Re: Kiting
Don_Narup Offline

Power Poster
Joined: Jul 2001
Posts: 3,708
Las Vegas Nevada
Not sure I understand the question completely but here goes. I can't imagine you are posting to accounts on weekends.

Maybe checks are clearing faster than previously as she is writing the checks to someone that has changed to your bank and it's now an overnight processing. So its deposited Friday and she sees it out of her account on Monday.

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#51759 - 01/03/03 01:16 PM Re: Kiting
waldensouth Offline
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waldensouth
Joined: Nov 2001
Posts: 7,981
FINALLY ABOVE the gnat line
It's also shown as a crime on the SAR - you just check the box.
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