Financial crimes are illegal acts involving money or financial transactions. These crimes often fall under federal jurisdiction due to their complexity and their wide-ranging impact on the economy.
The federal government has agencies dedicated to investigating and prosecuting a wide variety of financial crimes, and there are serious consequences if you are convicted.
Fraud
Fraud involves deception to secure unfair or unlawful gain. One common type is securities fraud, where individuals deceive investors by providing false information about stocks or other investments. Another type is bank fraud, which involves schemes to defraud banks or other financial institutions. Mail and wire fraud, where individuals use postal services or electronic communications to commit fraud, also fall under federal jurisdiction.
Money laundering
Money laundering involves disguising illegally acquired funds to make them seem legitimate. Criminals achieve this by transferring the money through a series of intricate banking transactions or commercial deals. The goal is to make the money’s illegal source untraceable. The federal government takes money laundering very seriously because it is often linked to other criminal activities such as drug trafficking and terrorism.
Insider trading
Insider trading involves trading a public company’s stock or other securities by individuals with access to non-public information about the company. This is illegal because it gives an unfair advantage and undermines investor trust in the financial markets. The Securities and Exchange Commission closely monitors and prosecutes insider trading cases.
Consequences
The consequences of committing federal financial crimes can be severe. Penalties often include hefty fines and lengthy prison sentences. Besides legal repercussions, individuals found guilty may face damage to their reputations and future employment prospects. Businesses involved in these crimes may suffer significant financial losses and damage to their credibility.
Being accused of financial crimes is a serious matter. Whether you are facing state or federal charges, be sure to seek professional advice so you are aware of your options and preserve your legal rights.