6 Situations to Hire a Financial Crime Lawyer
An accusation of financial misconduct, fraud, or theft can have devastating effects on your career, lifestyle, and reputation. Financial crime lawyers specialize in defending individuals and corporations facing white-collar crime charges. In general, you may want to consider hiring this type of attorney when you risk conviction for serious felony charges. Understanding when to reach out for professional support can help you navigate this challenging situation.
6 Situations Where Financial Crime Lawyers Can Help
Credit Card or Wire Fraud Accusations
You need the advice of an attorney if someone accuses you or your business of fraud. Financial fraud involves misrepresenting goods or services to take advantage of the buyer. The accuser may state that you lied about or did not provide promised benefits of a product. The broad category of financial fraud includes related actions such as credit card fraud or wire fraud.
Credit card fraud involves stealing someone’s physical credit card or the account number. The person uses this information to make unauthorized purchases, which also falls into the category of identity theft.
Wire fraud describes financial deception that uses an electronic device such as a cell phone or computer. Because this type of crime often crosses state lines, it can result in federal charges. It’s important to consult an attorney who has experience with this type of defense, since federal penalties for conviction often far exceed state penalties for similar charges.
Claims of Identity Theft
If someone says you stole their identity or personal information for monetary gain, a financial defense attorney can help you sort out your next steps. Identity theft is one of the most common types of financial crimes. Examples of actions that may constitute identity theft include taking and using someone’s personal information from social media posts or photos, a public wireless internet network, discarded bills or financial statements, stolen credit cards, or hacked email accounts.
Identity theft can also involve phishing, or tricking someone into giving out personal information such as their credit card or Social Security number. Using someone else’s name to claim insurance or government benefits falls into this category as well.
Embezzlement Charges
You may face charges of embezzlement from your employer or an organization where you volunteer. Embezzlement involves diverting company or organizational funds to your individual account. It could also involve using business credit cards for personal expenses.
When you’ve been entrusted with access to an organization’s finances, keep careful records of your actions. These documents can provide important evidence if you’ve been accused of embezzlement. A financial crimes lawyer can help you learn more about how to protect yourself in this situation.
Corporate Fraud Investigations
Consider seeking legal advice if you work for a business accused of corporate fraud. The FBI or another federal agency may initiate this type of investigation for suspicions of avoiding oversight by regulatory authorities, misrepresenting the company’s financial status, conducting fraudulent trades, or falsifying financial records.
Corporate fraud investigations may also involve insider trading, tax violations, or monetary kickbacks. Businesses can face money laundering charges for allegedly hiding the illegal source of funds with the appearance of a legitimate operation. You might need legal defense if you work closely with business leaders facing these charges.
IRS Audits and Investigations
You may want to consult a financial crimes attorney if the IRS wants to audit your individual or business tax return. This type of professional can also assist if you face an IRS investigation for tax fraud or evasion. The agency may investigate suspicions of:
- Abusing domestic or foreign tax structures
- Filing a fraudulent bankruptcy claim
- Evading employment taxes if you own a business that employs workers (paying wages in cash, for example)
- Running illegal gambling or gaming operations
- Engaging in public corruption, which includes actions such as bribery and extortion
In addition, people charged with other financial crimes such as identity theft or corporate fraud could face additional charges for tax violations.
Insurance Fraud
Accusations of insurance fraud can result from a number of situations. Investigators often distinguish between “soft” and “hard” insurance fraud. A soft insurance fraud crime could involve exaggerating the damages from a legitimate claim. Arranging an auto accident to benefit from a fraudulent insurance claim would be a hard crime in this category. You could face substantial penalties if you receive a conviction for either type of insurance fraud.
Financial crimes can be quite complex, with investigations that may involve several agencies and jurisdictions. They also carry severe penalties for conviction, such as fines, forfeiture of related assets, and prison time. You don’t have to face charges of wrongdoing on your own. An experienced attorney who specializes in white-collar criminal defense prepares evidence to support your case, negotiates on your behalf, and represents you in court. They can help you choose the path that makes the most sense for your future opportunities and livelihood.
