What is a Financial Crime?

December 04, 2024

Financial crime is a broad term for illegal activities involving deception or dishonesty for financial gain. Being charged with this offense could severely impact your career, reputation, and freedom. New York financial crimes lawyer Peter Katz can determine the most effective defense strategy to protect your rights and future.

Common Types of Financial Crimes

Financial crimes cover various offenses, each with unique characteristics and legal consequences. Here’s a closer look at some of the most common financial crimes.

Fraud

Fraud involves deceiving someone to gain money or assets. It includes several types, like wire fraud, bank fraud, and securities fraud. In each case, the core idea is obtaining something of value through dishonesty. Fraud charges can stem from corporate misconduct, false statements to lenders, misrepresenting investment opportunities, and more.

Embezzlement

Embezzlement occurs when someone misuses funds or assets they were entrusted with, often in a business setting. For example, it’s embezzlement if an employee diverts company money into personal accounts. This charge can apply to people in various roles, from cashiers to executives.

Money Laundering

Money laundering hides the origin of illegally obtained money to make it appear legitimate. This process might involve multiple transactions or offshore accounts. Money laundering is often linked to other crimes like drug trafficking or fraud. Being accused of money laundering can lead to federal charges and harsh penalties, especially if prosecutors connect it to an organized criminal network.

Identity Theft

Identity theft involves fraudulently using someone else’s personal information, such as Social Security numbers or banking details. Charges can involve a range of activities, from credit card fraud to fraudulent loan applications, and may be prosecuted on both state and federal levels.

Federal gambling crimes include illegal betting activities that cross state lines or involve organized crime, such as illegal sports betting, online gambling, and money laundering connected to gambling operations. Federal authorities might target related wire fraud, gambling, and other offenses under racketeering laws.

Potential Defenses Against Financial Crime Charges

Facing a financial crime charge doesn’t mean you’re automatically guilty. A New York financial crimes lawyer can evaluate your case and develop a defense based on the specific circumstances. Here are some possible defenses:

Lack of intent: Intent is often a key element in financial crimes. Your attorney can argue that the act wasn’t criminal if you didn’t intend to deceive or defraud.
Insufficient evidence: Prosecutors must prove each element of the crime beyond a reasonable doubt. If the evidence is weak or unreliable, your lawyer can challenge its validity.
Duress or coercion: In some cases, people commit financial crimes under pressure from others. If you were forced to act against your will, your lawyer could argue that you weren’t acting voluntarily.

Why Hire a NY Financial Crimes Lawyer Immediately?

Hiring a New York financial crimes lawyer as soon as possible is essential if facing these charges. By working with an attorney early on, you’ll have someone who can examine the evidence, identify weaknesses in the prosecution’s case, and fight for you in court.

Early intervention can help you avoid mistakes, like talking to investigators without legal representation or signing agreements that could be used against you. Your attorney can guide you on each step, helping you build a solid defense.

Peter Katz can explain your legal options and how to proceed with your case. Call the Law Offices of Peter Katz at 609-547-3077 or use this online form to schedule a consultation.