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New York Criminal Defense Law Blog

White-collar crime may ensnare some securities traders

White-collar offenses are more prevalent in our society than many people think. The FBI tells us that the annual cost of white-collar misbehavior is more than $500 billion.

Insider trading is one example of an illegal activity that is nonviolent in nature. In fact, to some, it may appear to harm no one

You can sleepwalk, but could you commit a crime in your sleep?

If you were a fan of the hit 90s sitcom “Roseanne,” you might have been excited when the series returned to network television this year for a sequel season. The reboot was an overnight success, prompting the American Broadcasting Company to immediately sign the crew on for a follow-up season.

However, before the current season even came to a close, Roseanne Barr—the show’s star—posted racially offensive comments on Twitter, resulting in public outcry and the show’s prompt cancelation. In defense of her actions, Roseanne blamed the sleep aid Ambien for her racists tweets. The drug manufacturer responded with a statement that there is no drug on the market which causes racism.

Fraud results in a prison term for a securities agent

The sentencing of a former securities and insurance agent on July 23, 2018, illustrates that, in time, a scheme to defraud innocent people will be discovered. However, in the case of Kevin Wanner, the argument put forth by the defense kept Wanner from having to serve the maximum sentence possible.

What happened

3 common forms of securities fraud

Securities are under strict regulation. It is illegal to manipulate financial markets and deceive investors. Securities fraud may involve:

  • Corporate stocks
  • Investment contracts
  • Banknotes
  • Municipal bonds

Securities fraud takes place if you are involved in an investment and use deception to try to gain a financial advantage. This type of fraud may be committed by corporations, brokers, financial analysts, government agencies and private individuals. Here are some common forms of investment fraud:

What happens if you lie to secure unemployment insurance benefits?

When you are out of work, it can be a struggle to make ends meet. Your unemployment benefits are valuable lifeline for people during these times.

For those seeking benefits or afraid of losing benefits, it can be tempting to bend the truth, but be warned. Lying to the New York Department of Labor to collect unemployment insurance benefits is considered fraud.

Unemployment fraud, carries severe penalties. The state of New York investigates unemployment fraud aggressively and is relentless in its efforts to recover money.

Are you under investigation for Medicaid fraud

Healthcare providers in New York face a rising level of scrutiny as federal and state authorities continue to crack down on Medicaid fraud. One of the first things to know is that a fraud case begins long before official criminal charges are filed.

Healthcare fraud investigations may involve federal or state agencies, or both working together. If you find out you are the subject of such an investigation, do not wait until you officially face action. Speaking with a qualified defense attorney right away can help you substantially.

What's an implied waiver of your Miranda rights?

Law enforcement officials are required to read any suspect in their custody their Miranda rights prior to interrogating them. Some of the most important protections that officers are required to let a suspect know they have is to have an attorney present and to remain silent.

Once a suspect invokes his or her right to remain silent or to have an attorney accompany him or her during an interrogation, law enforcement is required to honor the requests and discontinue questioning of him or her. If they don't or a suspect is never read his or her rights, then prosecutors may be prohibited from using any information he or she provides thereafter at trial.

Insider trading often comes with a long paper trail

There are many laws that people who work in a publicly traded company have to follow. These are meant to ensure that there isn't anything illegal going on that could harm shareholders or the general public. One of the actions that is forbidden is insider trading. This has to do with a person with intimate knowledge of a company using that information to make decisions about their own personally held shares in the company. It is also meant to prevent these individuals from passing their knowledge on to others who have shares.

We understand how difficult it might be to know something serious is going on with a company and not act on that. When you work for a publicly traded company, you can't make any financial or investing moves that have to do with information that hasn't been released to the shareholders.

Are you up for questioning about a pretexting scheme?

Let us say you are a contractor who has experience with Department of Transportation regulations. Your name came up in connection with a pretexting scheme that is under investigation.

Federal authorities want to question you about this scheme. They want to know more about your company and what you do. Meanwhile, what you want is to seek legal consultation.

Wells Fargo offers $480 million settlement to end lawsuit

Wells Fargo found itself in some legal hot water after being slapped with a class action securities fraud lawsuit that was filed by investors. The claim noted that the banking giant made omissions and misstatements in the disclosures it provided to those investors.

The issue here is that federal law required that the company should have informed shareholders that there were nonroutine legal matters going on. Instead, the company remained quiet about the regulatory investigation into fraudulent customer accounts. The talks with the Consumer Financial Protection Bureau commenced in March of 2016, but the investors didn't find out until September of that year when the problem was made public.

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