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In the Courts
Intention to Repay Is Not a Defense to Mail and Wire Fraud
In United States v. Radziszewski, 474 F.3d 480 (7th Cir 2007), the Seventh Circuit held that an intention to repay fraudulently obtained funds does not support a 'good-faith' defense to mail and wire fraud.
The defendant was charged with paying individuals with good credit to serve as straw buyers in real estate transactions. The scheme involved using a straw buyer to fraudulently obtain mortgage financing from a financial institution to make a real estate purchase. The property was then resold at a higher price to a second straw buyer, who had in turn obtained financing from a second institution. On appeal, the defendant argued that he should have been allowed to present a 'good faith' defense to the charge that he defrauded the first financial institution, because he intended to repay that lender with the funds obtained from the second institution. The Seventh Circuit rejected that argument, holding that whether the defendant intended to repay the fraudulently obtained funds is irrelevant. The crime of fraud, the court explained, was complete when the money was obtained under false pretenses.
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