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