But the current anti-Washington fervor ignited in the late '80s and was fueled by a succession of scandals featuring a sleazy mix of public power and private gain: the Keating Five, the Jim Wright book deal, the HUD mess, honoraria, the flap over congressional pay raises, and
check kiting at the House bank.
It is designed to prevent and reduce the incidence of check fraud,
check kiting, deposit fraud, ATM fraud, ACH fraud, wire-fraud, debit and credit card fraud, among other fraud activities.
And so it goes for two decades: schemes dope peddling Houston Denver Florida Virginia drugs and drink con games
check kiting and sad women left to fend for themselves.
He also acknowledged misusing employee and employer contributions to the company's pension plan and engaging in a pattern of "
check kiting," during which he would deposit Terry Manufacturing checks written on an account at one bank into a company account at another bank and then do the same process in reverse to maintain the appearance of higher balances.
(In a trial that largely pitted his word against theirs, he was acquitted.) Michael wondered what he had gotten into: "Drug abuse,
check kiting, knocking up people--what is it about this place?"
These programs, along with the increased speed of modern banking, have reduced the prevalence of
check kiting: "It's still a problem," says Stevenson, "but not as great as it once was."
Some of the money loaned by Hammer was used to pay loans and reduce the amount Geertsen owed to lenders because of the
check kiting scheme, prosecutors said.
In addition to standard schemes--such as
check kiting, credit card fraud, and bankruptcy fraud--ROC has innovated new methods of bank fraud.
Manifest intent is evidenced by reckless disregard for substantial risk, and
check kiting is not loss from loans requiring $2,500 benefit.
Also, the glossary lacks definitions for some of the financial terms used in the text, such as float,
check kiting, and bust-out schemes.
The fraud was nothing but standard old
check kiting.
Check kiting is cashing a check on an account whose only deposit is a check that has not cleared yet and then covering the draft on the other account with another rubber check from the first bank, which is covered by a rubber check from the second bank, etc., etc.