Running a business in California can be challenging on many levels. Decisions regarding hiring and firing employees, to expand or contract markets and implement new business practices occur all the time. These decisions can change the dynamic of a business. Another issue that business executives must contend with are those relating to financial matters. Accounting practices, audits and cash handling can all present their own problems, which can seep into the criminal arena and cause an individual to come face-to-face with very serious allegations.
Authorities allege that Absi falsified his company's financial records to show a doubling of revenue between 2012 and 2013. The company, which accepted Absi's resignation, claims an internal investigation discovered that the company's revenue was exaggerated by nearly $7 million over the course of a year and a half. Absi has pleaded not guilty to the charges.
White collar crimes, like securities fraud, are aggressively prosecuted. A conviction could lead to fines that are so extensive as to leave an individual in financial ruin. Additionally, a conviction may lead to a long prison term that strips an individual away from his or her family for years, maybe even decades.
With so much on the line, those accused of white collar financial crimes cannot afford to delay in preparing their defense or do so lackadaisically. They should instead learn about the law and how it applies to their situation. Then, an accused individual can develop a legal strategy that seeks to raise reasonable doubt as to his or her guilt. A Sacramento attorney, skilled with handling federal cases, may be able to help with this process.
Source: San Jose Mercury News, "California biotech executive denies securities fraud charges," Feb. 25, 2016