Federal loans obtained fraudulently during a major disaster or declared national emergency may bring severe penalties. As described on the Federal Deposit Insurance Corporation website, punishments may include a $1 million fine and up to 30 years of imprisonment if...
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White Collar Crimes
What is mail fraud?
Most fraud schemes result in a hefty penalty if you end up charged and convicted. But did you know that some types of fraud are also considered federal offenses? This is the case with mail fraud, which would go on your record as a felony in the case of a conviction....
Why is insider trading illegal?
When you start getting into trading, there are many rules both written and unspoken. It often feels overwhelming at first, and it is not unusual for a newcomer to make a mistake here and there. The important thing is understanding what is and is not legal. For...
Money laundering and the three-step proof required for conviction
Prosecutors may charge individuals allegedly involved in money laundering after finding evidence of possible wrongdoing. A conviction, however, requires proof that money deposited in a defendant's bank account came from the proceeds of an illicit activity. As...
Advance notice could help avoid allegations of tax evasion
Due to the increased stress that may come with tax season, filers could stand a greater chance of making errors or mistakes on their returns. As described by Bankrate.com, an individual may also face allegations of tax evasion for a number of reasons, including a...
Who was Charles Ponzi?
Most Americans are familiar with the term “Ponzi scheme,” even if they are not entirely sure what the term refers to. At any rate, the name Ponzi likely evokes pictures of fraud in your mind. Of course, anybody can pull off a simple sleight-of-hand trick, but not...
What are the issues with the Computer Fraud and Abuse Act?
The Computer Fraud and Abuse Act is one of the many federal laws aimed towards policing computer usage and preventing fraud and abuse. While it has been around for a while, there are many who feel it has outlived its usefulness and it is time for an overhaul. ...
Paycheck Protection Program Fraud Prosecution Gains Steam
Paycheck Protection Plan fraud has been an area of intense concern by federal investigators almost since the program began in the spring. Authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the program is intended to be a lifeline for...
What are some possible motivations for white-collar crimes?
White-collar crimes, which include practices such as money laundering, forgery and business fraud, are common in the corporate world. Forbes reports that the cost of these crimes eclipses $500 billion dollars annually, a staggering amount when compared to other...
Wisconsin Pain Clinic To Pay Feds $885,452 To Dismiss Claims Of Illegal Kickbacks
A Wisconsin pain clinic has agreed to pay $885,452 to the federal government in exchange for dropping claims that it violated the False Claims Act by paying illegal kickbacks to obtain referrals for procedures covered by Medicare and Medicaid. Federal prosecutors say...
