What New Yorkers should know about fraud and white-collar crime

On Behalf of | Sep 24, 2020 | Fraud |

Despite being the owner of an anti-fraud company, a businessman in Nevada has been charged with committing fraud against his investors. According to the charges, the man altered the numbers in his spreadsheets to create a false image of the company’s profits. Once the company had started gathering investors, he reportedly took nearly $18 million from their investments.

In August 2020, a few of his employees checked the company’s financial documents and noticed that the company was actually making tens of thousands of dollars, not millions of dollars as the man had claimed. While he tried to claim that it was a banking error, he quickly resigned from the company after this exchange. A month later, he was charged with fraud.

The man was arrested on multiple charges. As a result, he is currently facing up to 45 years in prison for fraud. The FBI said in a statement that it seems “ironic” that the owner of an ant-fraud company would end up committing fraud himself.

How to proceed after being charged with a white-collar crime

While white-collar crimes are frequently viewed as less serious than crimes like burglary and assault, being accused of a white-collar crime can have life-altering consequences. A criminal charge might result in massive legal fees, seizure of property and permanent damage to an individual’s reputation.

When an individual has been charged with a white-collar crime, they might want to speak with an attorney. The term “white-collar crime” encompasses financial crimes like tax evasion, insider trading, bribery, extortion, pyramid schemes, bank fraud and offshore accounts. By working with an attorney, an individual might protect themselves against false accusations. Their attorney may be able to find flaws in the prosecution’s case or negotiate for reduced sentences and fines.

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