{"id":198,"date":"2020-06-24T12:22:28","date_gmt":"2020-06-24T16:22:28","guid":{"rendered":"http:\/\/baronedefensefirm.lawblogger.net\/blog\/?p=198"},"modified":"2022-10-04T13:00:45","modified_gmt":"2022-10-04T17:00:45","slug":"financial-fraud-expected-to-increase-in-michigan-due-to-covid-19-experts-predict","status":"publish","type":"post","link":"https:\/\/www.baronedefensefirm.com\/blog\/financial-fraud-expected-to-increase-in-michigan-due-to-covid-19-experts-predict\/","title":{"rendered":"Financial Fraud Expected to Increase in Michigan Due to Covid 19 Experts Predict"},"content":{"rendered":"<p>One of the many unintended consequences of the government\u2019s response to the Covid-19 pandemic may well be a significant increase in financial fraud. This is due in part to the central banks lowering of the prime interest rate to zero percent. With money this \u201ccheap\u201d companies and individuals are encouraged to borrow money, which is all well and good until the money must be repaid. And when money is cheap, individuals may use the money they have borrowed recklessly, taking greater risks of loss.<\/p>\n<p>Financial fraud occurs when an individual or corporation offers to provide goods, services, or financial benefits knowing that that these things do not and may never exist. In these situations, the victims of financial fraud trade money for these benefits, but never receive what&#8217;s been promised to them.\u00a0 This is because the perpetrators of the financial fraud know that the benefits\u00a0 do not exist, were never intended to be provided, or were misrepresented. Typically, victims give money but never receive what they paid for.<\/p>\n<p>Possibly the most famous historical example of financial fraud occurred in the 1870s and is referred to as a \u201cPonzi scheme.\u201d\u00a0 Charles Ponzi was a businessman and financier who created the Securities and Exchange Company.\u00a0 Using this as a front to defraud, Mr. Ponzi took money from investors, and then, after a mere 45 days, promised to return to them a 50% profit.\u00a0 Trouble was that the money was never \u201cinvested.\u201d Ponzi simply took the new money he was being paid today to pay off the older investors.\u00a0 Also called a \u201cpyramid scheme\u201d a Ponzi scheme can only last so long, and like all Ponzi schemes, it eventually collapsed.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.baronedefensefirm.com\/blog\/financial-fraud-expected-to-increase-in-michigan-due-to-covid-19-experts-predict\/\"  title=\"Continue Reading Financial Fraud Expected to Increase in Michigan Due to Covid 19 Experts Predict\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>One of the many unintended consequences of the government\u2019s response to the Covid-19 pandemic may well be a significant increase in financial fraud. This is due in part to the central banks lowering of the prime interest rate to zero percent. With money this \u201ccheap\u201d companies and individuals are encouraged to borrow money, which is [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34,36,5,35,9,33],"tags":[],"class_list":["post-198","post","type-post","status-publish","format-standard","hentry","category-attorney-keith-corbett","category-covid-19","category-criminal-penalties","category-federal-rico-charges","category-law-enforcement","category-organized-crime"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financial Fraud Expected to Increase in Michigan Due to Covid 19 Experts Predict &#8212; Michigan Criminal Defense Lawyer Blog &#8212; June 24, 2020<\/title>\n<meta name=\"description\" content=\"One of the many unintended consequences of the government\u2019s response to the Covid-19 pandemic may well be a significant increase in financial fraud. This &#8212; June 24, 2020\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.baronedefensefirm.com\/blog\/financial-fraud-expected-to-increase-in-michigan-due-to-covid-19-experts-predict\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Financial Fraud Expected to Increase in Michigan Due to Covid 19 Experts Predict &#8212; Michigan Criminal Defense Lawyer Blog &#8212; June 24, 2020\" \/>\n<meta name=\"twitter:description\" content=\"One of the many unintended consequences of the government\u2019s response to the Covid-19 pandemic may well be a significant increase in financial fraud. This &#8212; June 24, 2020\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Patrick Barone\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Financial Fraud Expected to Increase in Michigan Due to Covid 19 Experts Predict &#8212; Michigan Criminal Defense Lawyer Blog &#8212; June 24, 2020","description":"One of the many unintended consequences of the government\u2019s response to the Covid-19 pandemic may well be a significant increase in financial fraud. This &#8212; June 24, 2020","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.baronedefensefirm.com\/blog\/financial-fraud-expected-to-increase-in-michigan-due-to-covid-19-experts-predict\/","twitter_card":"summary_large_image","twitter_title":"Financial Fraud Expected to Increase in Michigan Due to Covid 19 Experts Predict &#8212; Michigan Criminal Defense Lawyer Blog &#8212; June 24, 2020","twitter_description":"One of the many unintended consequences of the government\u2019s response to the Covid-19 pandemic may well be a significant increase in financial fraud. This &#8212; June 24, 2020","twitter_misc":{"Written by":"Patrick Barone","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.baronedefensefirm.com\/blog\/financial-fraud-expected-to-increase-in-michigan-due-to-covid-19-experts-predict\/#article","isPartOf":{"@id":"https:\/\/www.baronedefensefirm.com\/blog\/financial-fraud-expected-to-increase-in-michigan-due-to-covid-19-experts-predict\/"},"author":{"name":"Patrick Barone","@id":"https:\/\/www.baronedefensefirm.com\/blog\/#\/schema\/person\/da00f897e195cfccca02fe556b53136f"},"headline":"Financial Fraud Expected to Increase in Michigan Due to Covid 19 Experts Predict","datePublished":"2020-06-24T16:22:28+00:00","dateModified":"2022-10-04T17:00:45+00:00","mainEntityOfPage":{"@id":"https:\/\/www.baronedefensefirm.com\/blog\/financial-fraud-expected-to-increase-in-michigan-due-to-covid-19-experts-predict\/"},"wordCount":964,"articleSection":["Attorney Keith Corbett","Covid-19","Criminal Penalties","Federal RICO Charges","Law Enforcement","Organized Crime"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.baronedefensefirm.com\/blog\/financial-fraud-expected-to-increase-in-michigan-due-to-covid-19-experts-predict\/","url":"https:\/\/www.baronedefensefirm.com\/blog\/financial-fraud-expected-to-increase-in-michigan-due-to-covid-19-experts-predict\/","name":"Financial Fraud Expected to Increase in Michigan Due to Covid 19 Experts Predict &#8212; Michigan Criminal Defense Lawyer Blog &#8212; June 24, 2020","isPartOf":{"@id":"https:\/\/www.baronedefensefirm.com\/blog\/#website"},"datePublished":"2020-06-24T16:22:28+00:00","dateModified":"2022-10-04T17:00:45+00:00","author":{"@id":"https:\/\/www.baronedefensefirm.com\/blog\/#\/schema\/person\/da00f897e195cfccca02fe556b53136f"},"description":"One of the many unintended consequences of the government\u2019s response to the Covid-19 pandemic may well be a significant increase in financial fraud. 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