Cite as: 527 U. S. 1 (1999)
Opinion of the Court
the mail and wire fraud statutes, similarly prohibits any "scheme or artifice to defraud a financial institution" or to obtain any property of a financial institution "by false or fraudulent pretenses, representations, or promises." 4 Thus, based solely on a "natural reading of the full text," id., at 490, materiality would not be an element of the fraud statutes.
That does not end our inquiry, however, because in interpreting statutory language there is a necessary second step. It is a well-established rule of construction that " '[w]here Congress uses terms that have accumulated settled meaning under . . . the common law, a court must infer, unless the statute otherwise dictates, that Congress means to incorporate the established meaning of these terms.' " Nationwide Mut. Ins. Co. v. Darden, 503 U. S. 318, 322 (1992) (quoting Community for Creative Non-Violence v. Reid, 490 U. S.
matter or thing, shall be fined under this title or imprisoned not more than five years, or both. If the violation affects a financial institution, such person shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both."
Section 1343 provides: "Whoever, having devised or intending to devise any scheme or artifice to defraud, or for obtaining money or property by means of false or fraudulent pretenses, representations, or promises, transmits or causes to be transmitted by means of wire, radio, or television communication in interstate or foreign commerce, any writings, signs, signals, pictures, or sounds for the purpose of executing such scheme or artifice, shall be fined under this title or imprisoned not more than five years, or both. If the violation affects a financial institution, such person shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both."
4 Section 1344 provides: "Whoever knowingly executes, or attempts to execute, a scheme or artifice—
"(1) to defraud a financial institution; or "(2) to obtain any of the moneys, funds, credits, assets, securities, or other property owned by, or under the custody or control of, a financial institution, by means of false or fraudulent pretenses, representations, or promises;
"shall be fined not more than $1,000,000 or imprisoned not more than 30 years, or both."
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