Wire fraud is a felony offense under federal law. The penalty can be 20 years imprisonment. However, where the victim of the wire fraud was a financial institution (eg, bank), the sentence is enhanced. In these cases, the sentence can be 30 years in federal prison
The venue for prosecution under 18 USC 1343 is basically any district where either the transmission began or ended. The venue statute, 18 USC 3237, provides that venue is proper in any district in which the offense began, continued, or was completed.
The elements of wire fraud are the same as mail fraud. In order to convict the defendant, federal prosecutions have to prove all of the following beyond a reasonable doubt:
1.A scheme to defraud or obtain money or property by fraudulent pretenses.
3.The making of materially false representations.
4.Transmission by wire, radio, or television communication in interstate or foreign commerce.