White-collar crimes can come in many different shapes and sizes. However, the general definition of white-collar crime is an act of fraud or deceit committed for financial gain. In addition, the perpetrators of these offenses are typically professionals. For a long time, most people viewed law enforcement and prosecutors as weak on white-collar crime. While this may have been true at some point in U.S. history, it is certainly not the case today. Today, white-collar crimes are taken very seriously.
The United States Attorney recently announced a 60-year-old man from the Granite Bay area in California was arrested on six counts of bank and wire fraud. A grand jury returned the indictment against the man on May 1, 2014, and he was arrested the following day. According to federal court documents, the man ran a debt collection business that purchased consumer debts at a discount and then tried to collect those debts from consumers.
The indictment stated that in order to purchase the debt the man needed large sums of money, which he received through loans. Prosecutors, however, allege the man made false statements and representations to obtain nearly $6.8 million. Furthermore, after obtaining the money, he is accused of not using the funds for the stated purpose, but instead transferred the money to other accounts he controlled. If convicted he could face three decades in prison and up to $1 million in fines.
Federal and state prosecutors take federal crimes such as wire and bank fraud very seriously. Individuals convicted of white-collar crimes such as these can face long prison sentences and hefty fines. Due to the aggressive nature of the U.S. Department of Justice and the U.S. Attorney’s Office, it is important that an individual accused of federal crimes such as these consult with a skilled and experienced defense attorney as soon as possible.
Source: Imperial Valley News, “Granite Bay Man Arrested for $6.8 Million Bank Fraud,” May 2, 2014