Supreme Court up­holds broad reach of bank fraud laws. The Supreme

The Denver Post - - BUSINESS -

Court on Mon­day up­held the broad reach of a fed­eral law pro­hibit­ing bank fraud, a rul­ing that gives the gov­ern­ment more lee­way to pros­e­cute fi­nan­cial crimes.

The unanimous rul­ing 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.

Lawrence Shaw ar­gued that he wasn’t guilty of bank fraud be­cause he only in­tended to cheat the bank cus­tomer, not the bank it­self. But Jus­tice Stephen Breyer, writ­ing for the court, said the bank has an in­ter­est in pre­serv­ing the money in its cus­tomers’ ac­counts.

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