Legal Question in Criminal Law in District of Columbia

Forensic Accounting

Tim Swanson, defraud NationsBank of Wichita � now Bank of America � Bank One of Columbus, Ohio, and PNC Bank of Philadelphia of more than $522,000. The government contended that Swanson wrote more than 787 checks and transfers and about 150 cashier's checks in 1999 among 11 accounts. In total, the government charged, more than $71.3 million was involved in the scheme. According to court documents, Swanson wrote checks overdrawing his accounts beginning in 1998 to engage in ''day trading,'' or buying and selling large blocks of securities in a single day. Any profit would be used to cover the checks. In 1998 NationsBank officials asked Swanson to convert the overdrafts into a $100,000 promissory note, which Swanson did. Court documents show that NationsBank collected a $20 overdraft fee for every bad check Swanson wrote.

1. Has Tim Swanson committed any crime? If yes how could have been prevented?

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