Mail and wire fraud statutes make it crime for any one to use the mails or wires in furtherance of a scheme to defraud. The fraudulent statements themselves need not be transmitted by mail or wire; it is only required that the scheme to defraud be advanced, concealed or furthered by the use of the U.S. mail or wires. 18 U.S.C. §§ 1341, 1343. Because every business or corporation in the United States uses the mails or wires to make money, any business who allegedly engages in common law fraud arguably violates the federal mail and wire fraud statutes. 

In order to commit mail fraud, the defendant must:

• Have devised some sort of scheme to defraud others; and
• Used the mail to advance the efforts of that fraud

The penalties for a conviction of mail fraud can be quite severe.  A convicted defendant can face up to 20 years in prison and substantial fines.  However, if a financial institution is defrauded, a maximum prison term of 30 years and a fine of up to $1,000,000.00 could be imposed.