Often, when we think of a criminal defense, it involves crimes such as murder, robbery, rape, or theft. That is why it is important, if you’re charged with a white collar offense, that you secure the services of a white collar criminal lawyer. He or she should be both knowledgeable and experienced in defending the charge.
If you are charged with a white collar crime, the motive is usually financial as this crime centers around business transactions and monies paid. Crimes primarily involve fraud, coercion, and non-compliance. Therefore, your choice of a defense must be well-versed in defending these types of accusations.
The Spodek Law Group covers 6 common areas of white collar crime and are experts in the field of strategizing these defenses. The following information gives you more details about these types of white collar criminal activity.
1. Boiler Room Fraud
The phrase, “boiler room” refers to sales tactics that pressure investors to buy stock. Many times, local and federal authorities charge people using these methods with boiler room fraud. If you’re charged with the crime, your lawyer may be able to get the charges dropped or work out a deal for immunity.Â
Schemes may fall under different classifications. For example, microcap fraud happens when the accused perpetrator persuades a buyer to purchase a penny stock that has an inflated value. The stock is sold for a profit but once the stock is no longer pushed, it drops significantly in price.
Ponzi schemes are yet another example of boiler room fraud. In this scenario, the profits come from new investors while older investors are paid with these newfound funds.
2. Wire Fraud Transactions
Wire fraud is a serious white collar crime with severe penalties. The charged person, in this crime, is accused of defrauding a business or individual out of money by using electronic communications.Â
For example, the accused may steal another person’s financial information by replicating the emails of well-known financial companies.
3. Foreign Corrupt Practices Act (FCPA) Criminal Activities
The FCPA is designed to enforce laws primarily against bribery and illegal favors in business. For example, FCPA investigators may ireview the payment of funds for receiving a government contract, barring competitors in the marketplace, or influencing legislative outcomes.Â
4. Crimes that are Related to FINRA Non-Compliance
FINRA is another name for the Financial Industry Regulatory Authority. Crimes listed under this category fall in line with unlawful stock market practices. Charges may originate from tips from industry insiders, federal surveillance, or findings from inspectors.Â
5. Mortgage Fraud Schemes
Crimes under this classification involve misrepresentation, omission, or misstatements of transactions related to mortgage loan financing and services. Therefore, defenses for these crimes may include omissions made on an application to intricate, if not elaborate, scams that involve a large number of participants.
6. Insider Trading of Stocks
You’ll receive an “ambush” call from the Securities and Exchange Commission (SEC) if you’re suspected of insider trading. The agency wants to know just how much you knew before you traded a security. A criminal defense attorney can guide you on understanding the legalities surrounding the crime and how the SEC settles or prosecutes cases.
Partner with a Specialist in White Collar Criminal Cases
If you unexpectedly fall under the scope of federal authorities, partner with a law firm that specializes in white collar defenses. Contact an attorney immediately so you can strategize a defense that will result in a successful outcome.
