fed wire

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Fed Wire

An electronic system allowing the quick transfer of funds and securities between banks. The fed wire exists to settle large transactions between banks so that they can continue to extend credit to each other and to customers. It is operated by the Federal Reserve and is more formally known as the Federal Reserve Wire Network. See also: Real-time gross settlement system (RTGSS).

fed wire

A high-speed communications system for transferring funds and ownership of book-entry securities between banks. The fed wire is used to move bank reserves and to make credit available without delay.
References in periodicals archive ?
Since its implementation in 1961, various Administrations have held that the federal Wire Act bars Internet gambling.
Sure, you know that Stephen Parks of Little Rock will soon be heading to federal prison for 27 months after pleading guilty to a federal wire fraud charge related to his sale of refined coal tax credits.
They face up to 20 years in prison on the federal wire fraud charges and five years on the state charges if convicted.
It is indicative of the strange and often Byzantine approach taken to online gambling prohibition in the US that for many years the principal piece of legislation used to outlaw the industry has been the Federal Wire Act, introduced in 1961 as part of the ongoing crusade against the mob.
A rural Springfield man faces a federal wire fraud charge for allegedly selling Grain Millers more than 4.
Farah and co-conspirator Donald Dodge have pleaded guilty to federal wire fraud charges after prosecutors alleged the pair swindled at least $20 million from individuals who invested in mortgages to back up FRM-directed projects.
A man accused of swindling desperately ill patients out of $400,000 by making false promises of organ transplants has pleaded guilty to five federal wire fraud charges, the Associated Press reported.
AP) -- The wife of a former Shelton State Community College president has pleaded guilty to three federal wire fraud counts and will forfeit more than $156,700 in pay and benefits reaped from a phony job she got at the Alabama Fire College.
Six have pleaded guilty to federal wire fraud charges since the first indictments were announced in October, she said.
The Associated Press reports that former Ben & Jerry's chief financial officer Stuart "Mickey" Wiles has agreed to plead guilty to a federal wire fraud charge for embezzling more than $300,000 from the company.
I would shut down the federal wire and prevent all financial transactions from ever clearing," he said.
Federal Wire Act that makes online gambling illegal in their home country (see story on page 74).

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