If you are facing financial fraud charges in New York City, you likely feel overwhelmed and scared. Financial fraud is a serious crime that can carry severe penalties, including fines, restitution and prison time. However, being accused of financial fraud does not mean that you are guilty or that you have no options to defend yourself.
Financial fraud generally
Financial fraud is a broad term that covers a variety of activities involving deception or misrepresentation for financial gain. Some common examples of financial fraud are securities fraud, Ponzi schemes, embezzlement, tax fraud, etc.
Securities fraud involves manipulating or falsifying information about stocks, bonds or other investments to influence investors’ decisions or to benefit from insider trading. Ponzi schemes also involve investors, but in this scheme, the alleged wrongdoer uses money from new investors to pay off old investors, creating the illusion of a profitable business or investment opportunity.
Other possible charges
Other investor-related financial charges include embezzlement. This involves stealing or misappropriating money or property that belongs to someone else, such as an employer, a client or a trust.
Another is tax fraud. This involves evading or underreporting taxes by concealing income, inflating deductions or falsifying documents.
Options when charged
Review the evidence and examine the evidence that the prosecution has against you and look for any weaknesses or inconsistencies. You may be able to challenge the admissibility or reliability of any evidence that was obtained illegally or improperly. You can also negotiate a plea deal with the prosecution to reduce the charges or the penalties in exchange for a guilty plea. This may be a good option, if you have a strong case against you and want to avoid a trial and a harsher sentence. Fighting financial fraud charges in New York City is not easy, but it is not impossible.
If you are accused of any of these types of financial fraud, you need to begin building your defense as soon as possible, which may mean an attorney, who can help you understand the charges against you and the best strategies to fight them.