How does someone get convicted of fraud?
Fraud is defined as a false representation of a fact that is intended to deceive another in order to secure an unfair or unlawful gain for the individual or cause a loss for another person, whether through words or conduct, false or misleading allegations, or concealment of what should have been disclosed.
Federal and state offenses are typically used to charge fraud. Federal fraud offenses are typically prosecuted by the United States Attorney’s office. If a crime violates federal law in the United States or is committed across multiple states, it is usually considered to be a federal crime.
Federal fraud can involve a variety of white-collar crimes because the federal government controls significant business transactions like wire transfers and bank transactions, including:
The FBI and other federal agencies will actively pursue any allegations of fraud against financial organizations, the government, or contravening federal law.
Fraud is punishable by several years in prison, asset forfeiture, steep fines, and other negative outcomes like a serious hit to your job and reputation as a professional. For instance, up to $250,000 in fines and up to five years in jail could be the sentence for bankruptcy fraud. Federal embezzlement carries a potential sentence of 30 years in prison and a fine of up to $1 million.
