Peter Blair | March 19, 2016 | Federal Law
Fraud and Financial crimes are always serious as well as seriously punished when it is found that they were committed. They are almost always a form of theft or larceny, putting others at risk of losing large aspects of their finances due to criminals and their ruthless schemes. These criminals will gain benefit from the losses of others. Many of these crimes happen because of an abuse by a person in a position of trust who wants to take from other people or entities. Fraud and financial crimes take many forms, which you can find out more about now.
This crime occurs when somebody accepts something in value in exchange for influence on a government or public official or employee. Bribes can take on many forms, such as gifts or certain amounts of money that are usually quite high, as well as government contracts or higher up positions. Bribery is seen as political and public corruption but still happens in this day and age. A prosecutor, when convicting on counts of bribery, must show corrupt intent from both sides involved in the crime. You may see an act of bribery as a government official trying to obtain information from an entity that is classified. To get his hands on this information that could potentially hurt another person, he decides to “pay off” the company handling said information just so that he can have it for his own benefit and they get paid in return. However, there are penalties for such crimes. Somebody involved in a bribery claim may find that they will suffer a fine as well as imprisonment for up to five years! A bribe does not usually need to be harmful to the public in order for it to be considered ‘illegal.’
This is considered to be theft or larceny of both money and property by a person in higher position who can more easily obtain these assets. People in high positions are always given access to someone else’s property and money, so what happens if they decide to use these assets for their own personal gain instead of managing and monitoring the assets for the person who rightfully owns it? One example is a bank teller, who has complete access to many funds distributed to people. If they turn around and use this money for their own gain, then this is known as embezzlement and they will suffer the consequences of the crime. Some questions people may ask about their case are these: Was there a fiduciary relationship between the two parties involved in the embezzlement crime? Did the defendant acquire property through the relationship? Did the defendant take ownership of the property or transfer the property to someone else? Were the defendant’s actions intentional? If so, they may be charged with a crime.
If a company or person purposefully tries to underpay its taxes, then this is known as tax evasion. Mistakes are always happening commonly as it applies to taxes; however, when a mistake it made this is not known as fraud. It must be obvious that the person decided that they would skip out on their taxes. If someone fails to file his or her tax return, the IRS will not know whether or not they should audit the person’s finances. Underreporting income is one of the most popular types of tax evasion, as people will sometimes say they owe less so they can keep more of the income to themselves. However, the IRS can at any time launch an investigation into your funds and prosecute you for tax fraud.
This crime happens when a criminal decides to conceal the origins of money that was obtained illegally. Usually, money laundering happens with involvement with foreign banks or legitimate businesses. This crime gives profits to those who basically steal the money, as they are obtaining it in an illegal manner. Money laundering also occurs in a number of ways, such as placement (when criminally derived funds are introduced into finances), Layering (the process in which the property is washed and disguised in ownership) and Integration (money illegally obtained is re-introduced into legitimate economy.) Fraud-related financial crimes are extremely serious, as they typically take money away in an illegal fashion. Because of these, serious penalties and actions are taken against those who commit the crimes. Call us today for more information, because at The Law Office of Peter Blair, we have the experience necessary to handle your fraud case.