18 U.S.C. Sec. 1007 FALSE STATEMENTS TO INFLUENCE THE FDIC is a federal law that prohibits any person from knowingly and willfully making false statements or reports to the Federal Deposit Insurance Corporation, which is the U.S. government agency responsible for insuring deposits in banks and other financial institutions. The law applies to any statement or report that is made or caused to be made in any application, report, or document filed with or submitted to the FDIC, as well as to any statement or report made in connection with any examination, operating, or condition report of the FDIC. There are two types of false statements that are prohibited under this law: (1) false statements of fact, and (2) false representations of opinion. False statements of fact may include any statement that is material, untrue, or misleading, or that is designed to deceive or mislead the FDIC. False representations of opinion may include any statement that is not honestly held by the person making the statement, or that is not genuinely or reasonably based on the facts or circumstances of the case. Violation of this law can result in a fine, imprisonment, or both.
18 U.S.C. Sec. 1007 FALSE STATEMENTS TO INFLUENCE THE FDIC
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The section provides for a penalty for simple assault of a fine, imprisonment for up to one year, or both, and a penalty in all other cases of a fine, imprisonment for up to eight years, or both.
On June 16, 1933, President Franklin Roosevelt signed the Banking Act of 1933, a part of which established the FDIC.
Whoever, knowingly and with intent to defraud the United States, or any agency thereof, possesses any false, altered, forged, or counterfeited writing or document for the purpose of enabling another to obtain from the United States, or from any agency, officer or agent thereof, any sum of money, shall be fined under
Whoever, for the purpose of influencing in any way the action of the Federal Deposit Insurance Corporation, knowingly makes or invites reliance on a false, forged, or counterfeit statement, document, or thing shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both.
Opposition to such a plan had been voiced earlier by President Roosevelt, the Secretary of the Treasury and the Chairman of the Senate Banking Committee. They believed a system of deposit insurance would be unduly expensive and would unfairly subsidize poorly managed banks.
Under 18 U.S.C. § 1001, it's a felony crime to: make a ?false statement? to an agent of the federal government related to a federal matter.
The statute of limitations for a § 1001 prosecution is five years and commences upon completion of the crime, e.g., upon making of false statement or submission of false document.
Section 1001's statutory terms are violated if someone: "falsifies, conceals or covers up by any trick, scheme or device a material fact," "makes any false, fictitious or fraudulent statements or representations,"