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How the Dodd-Frank Act expands protections for whistleblowers
The Dodd-Frank Act, passed in 2010, introduced major changes to financial regulation in the United States. Among its key components is the expansion of protections for whistleblowers. These protections aim to encourage people to report illegal activities in the financial industry without fear of retaliation. Understanding these protections helps promote...
Read More How is tax fraud different than tax avoidance
Understanding the difference between tax fraud and tax avoidance is crucial for anyone who pays taxes. While both terms involve taxes, they have different meanings and legal implications. While taxes can be complex and challenging, understanding the difference between tax fraud and tax avoidance can help you navigate the tax...
Read More The impact of bank fraud convictions on a financial career
In today’s financial landscape, integrity is the cornerstone of the industry. A bank fraud conviction can alter the trajectory of an individual’s career. The repercussions extend beyond legal consequences. There are potential implications for professional standing and employability. Understanding bank fraud convictions Bank fraud convictions occur when individuals engage in...
Read More Whistleblower false claims act
The U.S. Government uses the Federal False Claims Act (FCA) to combat fraud. This act is a resource that whistleblowers can leverage to sue employers or organizations that are defrauding the government and recover penalties and damages on the government’s behalf. Moreover, the statute protects whistleblowers against retaliation from their...
Read More 3 things people should know about serving as an IRS whistleblower
Employees are often in positions to identify business misconduct. Professionals ranging from team leaders to accountants could realize that there are signs of financial misconduct at a business, such as tax fraud or evasion. Organizations often go to extreme lengths to avoid taxes. Sometimes, those practices cross the line and...
Read More Best practices for preventing white collar crime in business
White-collar crime encompasses a range of non-violent, financially motivated offenses, including fraud, embezzlement, insider trading and cybercrimes. The potential for these crimes is higher than ever. Therefore, learn how to protect your company from white-collar crimes. Hiring and training processes Start with your hiring process. Check backgrounds and references for...
Read More Understanding examples of federal insurance fraud
Federal insurance fraud is a serious crime with significant implications. The federal government strictly regulates these practices due to their far-reaching impact on the economy. As you navigate the world of insurance, understanding what federal insurance fraud is can help you avoid falling into illegal practices unknowingly or getting scammed...
Read More How do pyramid schemes work?
The internet is full of ways to make “easy money.” Oftentimes, these opportunities involve signing up others who pay a fee. While some situations have some value in that they actually give you something for your money, others are little more than a pyramid scheme. Pyramid schemes have been around...
Read More 3 FAQs about wire fraud
In an era of technical advances, the internet often serves as an arena for get-rich-quick schemes and other endeavors that the law considers wire fraud. The Federal Trade reported that American consumers lost $8.8 billion to fraud in 2022. That staggering number has state and federal law enforcement agencies on...
Read More What is embezzlement
In the realm of financial crimes, embezzlement occupies a unique position. It often involves a breach of trust that makes it distinct from other forms of theft. In today’s business world, it is important to understand embezzlement and take steps to stop it. The act of embezzlement Embezzlement is a...
Read More The thin line exploring the threshold for bank fraud charges
Bank fraud involves deception or dishonesty to obtain money or property from a financial institution. If convicted, you risk hefty fines and decades in jail. Your career may also be on the line, not to mention the irreversible damage to your reputation. Therefore, it helps to learn more about the...
Read More Wire fraud vs mail fraud what's the difference
Fraud is a type of white-collar crime that encompasses a variety of diverse situations and behaviors but has a single general meaning. Fraud is defined as intentionally deceiving someone with the purpose to deprive someone of their money, property or legal rights. Each sort of fraud entails distinct consequences. For...
Read More Don't let your home purchase lead to bank fraud
Buying a home today is an expensive undertaking. It can be challenging to scrape together enough money to afford the down payment on a home. Some homebuyers turn to their parents for assistance with covering the down payment. It’s great if your parents (or grandparents or other wealthy relatives) can...
Read More Potential penalties for an embezzlement conviction in New Jersey
Embezzlement, also known as employee theft or financial fraud, is a serious white-collar crime involving misappropriating funds or property by someone in a position of trust. In New Jersey, embezzlement is a criminal offense that carries severe penalties. New Jersey has specific laws and statutes that govern embezzlement and the...
Read More Mail fraud FAQs
Mail fraud is a commonly misunderstood charge. Nonetheless, mail fraud accusations are serious and require a high level of understanding to mount a proper defense. While there is no substitute for experienced legal counsel to handle mail fraud charges, understanding the basics is a good place to start. Here are...
Read More The consequences of fraudulent real estate valuations
The real estate world is a cutthroat place where exorbitant amounts of money are often on the line. When a single investment can make or break one’s financial future, a homeowner might feel the temptation to turn to fraud as a way to skew transactions in their favor. One common...
Read More Yes tax crimes can still net you prison time
It’s almost that time of year again when Uncle Sam reaches out his hand for your hard-earned dollars. It is perfectly understandable that you want to take advantage of every tax break that you can — and you should. But you should never attempt to cheat on your taxes. Sure,...
Read More Signs of cryptocurrency fraud
In 2009, Bitcoin became the first cryptocurrency in an effort to decentralize the money supply. Over the last 14 years, more than 21,000 additional currencies have entered the market. Today, more than 50 million Americans own some type of crypto, and 57% of those are millennials. However, with the recent...
Read More What exactly is securities fraud
It is important for individuals who believe that they may be under investigation for wrongdoing – as well as individuals who have been formally charged with criminal wrongdoing – to understand the exact nature of their alleged crimes. Only when the nuanced nature of the crime at issue is fully...
Read More Can the police open your phone
People use their phones for everything these days. They use them for text messages, email messages, social media profiles, taking pictures and videos, doing online banking and much more. As such, if you’re being investigated for financial crimes, the police may want to look at your phone to see if...
Read More What is inadequate disclosure
If you are trying to get people to invest in your business, you will want to paint a positive picture of the company’s performance to date (if it is already up and running) and its future prospects. Walking into a meeting room and saying, “Hi, I’ve got a company that...
Read More How can you defend yourself against loan fraud charges
A huge number of Americans will apply for a loan at some point in their lives. The idea that a mistake during the application process can lead to loan fraud charges is truly terrifying. Loan fraud can come in a variety of forms, such as bank fraud, mortgage fraud and...
Read More 2 ways people misuse other peoples personal information
If you own a business or work as an employee, there is a good chance that you need to handle customers’ personal information at some point as part of your job duties. People may intentionally or unintentionally exploit other people’s personal information in many ways. If a customer discovers that...
Read More What is a money mule
Many criminals realize that getting someone else to do work for them reduces the chance that they will be caught and allows them to bring in even more profits. Sometimes, those whom they select know what they are getting into, such as when people sign up to sell drugs for...
Read More What's trending in criminal tax enforcement efforts
It is widely known that the IRS recently received a significant influx of funding via the Inflation Reduction Act that was signed into law last August. What is less clear is exactly how individual Americans and corporate entities will be directly impacted by the shifts that will be made as...
Read More Check related fraud is on the rise
In numerous cities across the U.S., check-related fraud rates are on the rise. In Chicago alone, banks have reported twice as many check fraud-related crimes over the last year than they did during the previous two years. Local news outlets have reported that some fraudsters feel so emboldened by their...
Read More White collar prosecution rates continue to drop
Although there are some kinds of criminal wrongdoing that have been escalating in recent years, there is reason to believe that white-collar offenses are not among those that are spiking. According to the Syracuse University joint data center known as the Transactional Records Access Clearinghouse (TRAC), white-collar prosecution hit an...
Read More Stay off social media until your criminal case is resolved
There are many reasons why millions of Americans log on to social media platforms each day. These electronic resources can help individuals to network professionally, keep in touch with loved ones and find support for unique challenges. Yet, if you’re under investigation for a white collar crime or you’ve been...
Read More 4 things to consider if you are offered a plea deal
Prosecutors love plea deals. They use them to secure yet another conviction without going through the hard work of proving someone’s guilt in court. What’s more, plea deals guarantee them a win, and they know a jury might not. Things are not so clear-cut if you are on the other...
Read More 3 behaviors to avoid if you have been accused of white collar crime
People make mistakes all the time, and usually, the consequences of everyday mistakes are minimal. However, you’ll need to be particularly careful to avoid making certain mistakes if you are under investigation for a white-collar crime. Doing what might seem logical in the heat of the moment could lead to...
Read More What investors should know about securities fraud
The term securities fraud refers to deceptive behavior involving stocks and investments. A range of crimes qualify as securities fraud, including pyramid schemes and insider trading. Investors should understand the types of securities fraud and how to avoid them. Fraud and investments Securities fraud involves attempts to falsify or omit...
Read More Requirements for consideration of a CFTC whistleblower award
The U.S. Commodity Futures Trading Commission recently reported the largest-ever whistleblower award, where an individual received a $200 million dollar payment for providing information about violations. The Whistleblower Program is responsible for granting a number of awards to individuals who identify and report misconduct. Requirements Whistleblowers are essential for exposing...
Read More How are tax fraud and negligence different
Overall, the IRS estimates that tax crime convictions only represent less than one percent of taxpayers each year. However, they also estimate that almost 20% of taxpayers are not in compliance with the tax code in some form. In fact, it is also more common for individual taxpayers to be...
Read More Tax avoidance versus tax fraud
Tax fraud is the failure to pay or evade your tax bill. The IRS calls fraud the misrepresentation of material facts or failure to speak when your knowledge may prevent material damage. Paying less in taxes does not mean you committed tax fraud. There is tax evasion and tax avoidance....
Read More What do fake phone calls have to do with bank fraud
If you receive a call from your bank saying there is an issue with your account, you probably would not question it, especially if the number showing up belongs to your financial institution. Unfortunately, scammers have learned how to fake phone numbers so that they can make it look as...
Read More A close look at a recent embezzlement case in New Jersey
While each instance of alleged white-collar crime has unique factors, a close look at a specific case can reveal some aspects of the New Jersey legal system. Embezzlement, the fraudulent taking of assets by another person entrusted with those assets, often involves a complex mix of actions. One case, involving...
Read More What does it take to convict you of wire fraud
When you use electronic communications across state lines to defraud others, you may face conviction, severe fines and up to 20 years in prison. These penalties may also apply even if you do not succeed in stealing someone’s money or property. A prosecutor can use the following strategies to steer...
Read More Why you do not want to get convicted of mail fraud
Mail fraud is a federal crime. To prove mail fraud, a prosecutor must show that you intended to defraud persons to get their property or money and used the mail to carry out your scheme. Using an interstate delivery service other than the U.S. postal service counts for determining if...
Read More Health care fraud conspiracy raises questions about connections
Allegations of fraud of any kind risk harm to business owners, investors and industry professionals. When the stakes are in the millions, the penalties threaten the stability of businesses through thousands of dollars worth of fines and the futures of those charged with long years of prison time. When facing...
Read More Can outsiders be guilty of insider trading
Insider trading may lead to civil or criminal charges resulting in steep penalties, prison sentences or both. Under New Jersey and federal law, obtaining non-public information leading back to a company insider and acting upon it for monetary gain is illegal. You can also face civil or criminal charges even...
Read More 3 things you should know about tax evasion
The terms “tax evasion” and “tax avoidance” sound like they should be synonymous, but they are actually very different. Tax avoidance refers to using legal means to reduce the amount of taxes you owe. Tax evasion means not reporting all your income, and it is against the law. What you...
Read More 3 things to know about online gambling in New Jersey
According to the Unlawful Internet Gambling Enforcement Act (UIGEA), passed in 2006, U.S. banks cannot accept online payment for gambling activities. However, the law exempted online gambling within the borders of a state that legalizes such activities. In 2013, New Jersey passed bill A2578 allowing online gambling with restrictions. 1....
Read More How do embezzlement and larceny tie together
Allegations of theft via embezzlement fall under larceny charges in New York statutes. This applies to missing or lost data, utilities and trademarks under theft laws, and a loss of money or property. Board of directors or employers may begin the initial investigation if they discover property missing. Depending on...
Read More Is wire fraud more of a problem than mail fraud
Fraud serves as a severe crime in whatever context it appears in. In particular, mail and wire fraud have often ended up confused for one another because of the similarities they share, but each has its own distinct definition and associated penalties. Though mail fraud topped the list of the...
Read More Can you go to prison for tax evasion
When you file your New Jersey tax return each year, it is important that you include all relevant information and report all income received during the tax year to the IRS. Failing to report all income received is among the most common reasons the IRS may decide to audit you....
Read More What are some signs of counterfeit checks
Check fraud is a serious problem, particularly because of the use of counterfeit checks. According to The Motley Fool, check fraud costs U.S. businesses billions of dollars with losses likely to continue mounting. So it is understandable if a business asks to verify your identity before you hand over a...
Read More What should I do before blowing the whistle
Whistleblowers assume personal risk when they decide to report fraudulent behavior or wrongdoing, even though they are doing the right thing. Understanding your rights and protections in advance is important for you and your family. Taking preparatory steps before blowing the whistle on your employer can help position you in...
Read More What happens during an SEC investigation
Securities and exchange issues are complex. If the U.S. Securities and Exchange Commission believes you did anything to create an unfair advantage within the securities or stock markets, it may decide to launch an investigation into you, your New Jersey business or both. Per the U.S. Securities and Exchange Commission,...
Read More Criminal charges against individuals committing healthcare fraud
Last week, the Department of Justice announced criminal charges against 21 individuals across the country accused of committing healthcare fraud concerning COVID-19 benefit programs. This was the most significant coordinated COVID-19 bust to date, spanning nine federal districts, and totaling over $149 million in COVID-19 false billings and theft from...
Read More Cares act fraud during the covid pandemic
In response to the COVID-19 pandemic, the Federal government launched several programs delivering financial assistance to struggling people and businesses. For example, under the Coronavirus Aid, Relief, and Economic Security Act, or “CARES Act,” the Government created the Payroll Protection Program (PPP), which allocated $350 billion in forgivable loans for...
Read More What happens when you fail to pay your taxes
Whether you simply forgot to pay last year’s income taxes or you knowingly avoided the arduous task, you should know the potential penalties that accompany this issue. While many people strive to file their taxes by the tax deadline, a number of others procrastinate and fail to submit them at...
Read More IRS worker pleads guilty to tax evasion
Claiming deductions on a tax form may help save money in taxes, provided the deductions are permissible under law. A person who claims illegal tax breaks could end up in serious trouble with the IRS. Even individuals who work for the agency do not escape scrutiny. In March of 2022,...
Read More Can working too much be a sign of fraud
Being a hard worker is a quality many business owners value in their employees. However, as surprising as it may sound, sometimes overachieving in an office job may invite suspicion, particularly if you handle financial records. This is because some employees who put in too much time at the office...
Read More Why is Elon Musk in trouble with the securities and exchange commission
Elon Musk is the richest man in the world and the CEO of Tesla. He also is very influential when it comes to the stock market and cryptocurrency market. One word from him can cause major swings. According to CNBC, Musk got into trouble with the SEC in September 2018...
Read More Policy changes to how the department of justice investigates white collar crimes
Corporate crimes often receive less scrutiny than those involving violence. That said, people are acknowledging that financial misdealing can be equally harmful. In some cases, they are even more so. This realization is causing the Department of Justice to toughen investigations. New policies are turning up the heat. Soon, it...
Read More Wire fraud guilty plea results from boiler room investigation
Wire fraud, in the digital age, falls into a niche set of parameters considering that computer fraud is technically a different charge. Phone calls, text messages and emails are all tools when it comes to wire fraud. The United States Department of Justice recently released a report regarding an international...
Read More How are white collar criminal investigations handled
When a government agency decides to launch an investigation into your company, it can cause everyone to feel overwhelmed, underprepared and anxious. Now is not the time to panic, though. The way you react during an investigation could have a much bigger impact than you think. It is important to...
Read More What is the difference between tax avoidance and tax evasion
When it comes to IRS tax issues, you must have a good understanding of what is and is not legally permissible. This is especially important when it comes to tax evasion, which is a significant crime that may even amount to a felony charge. The primary purpose of tax evasion...
Read More Understanding your rights as a whistleblower
If you are an employee whose employer is engaging in misconduct, then you might feel that you need to expose their wrongdoing. However, the thought of moving forward with your claims may seem daunting, and you might worry about what type of retaliation you could face. If you are considering...
Read More How does larceny relate to embezzlement
Larceny charges filed under New York statutes include allegations of theft by embezzling. If a company trusted you with money or property, a loss may raise allegations of embezzlement. Larceny also applies to lost or missing data, trademarks and utilities under the Empire State’s theft laws. An employer or a...
Read More Avoiding embezzlement using your company card responsibly
Company credit cards can have great advantages when used properly. Not only can you have greater flexibility, but you can also rely less on others and improve your productivity. However, it is important to understand responsible spending practices. Casual or frivolous spending can have many repercussions including criminal charges of...
Read More When may nonpublic material information lead to federal charges
Material information includes reports about a corporation’s activities. The information could influence the price of the company’s stock. As noted by the CFA Institute, when considering a stock purchase, you may review material information such as financial records and potential merger targets. As its name implies, nonpublic material information is...
Read More How does mail and wire fraud differ
Fraud is a serious crime with severe penalties, no matter what type of fraudulent activity a person ends up involved in. Mail and wire fraud are two examples. Each has its own unique set of defining traits, as well as its potential penalties. However, at the same time, both mail...
Read More What to expect when the IRS audits you
Becoming the subject of an IRS audit is not common, but there are certain things that may lead the tax collection agency to take a closer look at your tax returns through an audit. Also, in some situations, the IRS may audit you completely at random, and not because anything...
Read More Can I go to jail for not paying my taxes
Taxes are an unfortunate but inevitable part of life. If you earn an income, you most like have to file a return and pay taxes on your earnings. When life gets hectic, problems can arise with your tax returns or your ability to meet your tax obligations. Here is what...
Read More Bank fraud and money laundering allegations
Business owners applying for loans may face bank fraud allegations. Prosecutors may claim falsified documents helped enable a loan approval. According to the Department of Justice, providing false statements that influence a lending decision may classify as unlawful conduct. Applicants with documents purportedly showing assets valued higher than their worth...
Read More Why is inadequate disclosure unethical
Securities fraud can disrupt your career and ruin your reputation. Dealing with the ramifications of your behavior could last years and make it difficult to achieve professional success the way you once did. Understanding why inadequate disclosure is a form of securities fraud may help you to identify your next...
Read More What do you need to know about embezzlement
If charged with embezzlement, you could face serious repercussions that threaten various aspects of your future, from your finances to your career and even your freedom. There are many different factors that you need to take into consideration when dealing with an embezzlement case, and it is vital to keep...
Read More How does wire fraud differ from mail fraud
Fraud is a white-collar crime that has one overall definition but several different circumstances and processes. The United States Department of Justice notes that fraud is the intentional act of misleading another with the intent to do so. Each type of fraud carries its own penalties, and there is a...
Read More Your reputation after embezzlement charges
Embezzling money or facing accusations of other white-collar crimes can damage your reputation and jeopardize your career. Even after you recompense and settle any legal repercussions, others may view you differently. Your decision to take control of your actions may help you rebuild your personal and professional image. With time...
Read More Mistakes to avoid during a white collar crime investigation
An investigation by the FBI, SEC, FINRA or other government agency is an alarm bell that might have everyone in your company on edge, but this is not the time for impulsive responses. Your reaction to this news must be coolheaded and deliberate if you want to avoid further trouble,...
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