When tales of financial fraud make the headlines, it seems like Americans just can’t get enough of them. People in New York know all too well that Ponzi schemes, securities fraud and FINRA investigations can mean headlines for weeks. But the truth is that these accusations aren’t always true. Charges of fraud can be incredibly damaging to hard-working, honest professionals.
Anatomy of a fraud case
Recently, in Manhattan, the US District Court charged the CEO of a New Jersey-based financial services firm with several serious crimes. Among other charges, this man has been accused of misappropriating funds from investors. It’s alleged that he used false and misleading information to entice 18 people to invest a little over $4 million in his company. Then, say prosecutors, he inappropriately used their money to fund his own lifestyle.
Accusations of financial fraud at this level can destroy a broker’s good name even if they can’t be proven in court. Already, this man’s name has been splashed across papers in the tri-state area. That’s no small thing. New York City is one of the media capitals of the world. It will take him years to rebuild his reputation, guilty or not.
That’s why it’s so important for anyone charged with financial fraud or similar crimes to find an experienced attorney. A good lawyer will be able to unpack the details of the case and help the jury properly understand them. The attorney will also manage their client’s reputation before and during the court proceedings. They’ll provide a zealous defense and ensure that their client’s side of the story makes it out to the public, too.