The language "knowingly executes" in the bank fraud statute, 18 U.S.C. § 1344, seems to permit separate acts in execution of a single bank fraud scheme to be separately charged and punished. See United States v. Mason, 902 F.2d 1434, 1437-38 (9th Cir. 1990). However, the United States Court of Appeals for the Fifth Circuit, in United States v. Lemons, 941 F.2d 309,318 (5th Cir.), reh'g denied, 948 F.2d 1287 (1991), found that the bank fraud statute imposes punishment only for each execution of the scheme and that each act in execution of a scheme is not separately punishable. For further case law discussion, see FIF Manual at 120-24.
[cited in JM 9-40.000]