21:15
Feel like I can finally stop holding my breath!! Whew!!!
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LSDefine
Simple English definitions for legal terms
fraudulent banking
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A quick definition of fraudulent banking:
Term: Fraudulent Banking
Definition: Fraudulent banking occurs when a banker knowingly accepts a deposit even though they are aware that the bank is unable to pay back the money. This is like someone taking your money and promising to give it back, but they know they can't keep that promise. It is wrong and illegal.
A more thorough explanation:
Definition: Fraudulent banking refers to the act of a banker knowingly accepting a deposit when they are aware that the bank is insolvent, or unable to meet its financial obligations.
Example: A customer deposits $10,000 into their savings account at a local bank. The banker who accepts the deposit knows that the bank is in financial trouble and may not be able to return the customer's money if they were to request a withdrawal. This is an example of fraudulent banking.
Explanation: In this example, the banker is aware that the bank is insolvent and cannot meet its financial obligations. By accepting the deposit, the banker is committing fraud and putting the customer's money at risk. This type of behavior is illegal and can result in severe consequences for the banker and the bank.