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A financial offense can be defined as a non-violent offense that results in a financial loss relating to fraud or embezzlement. With the significant amount of rules and regulations on federal criminal laws regarding finance, it is imperative to talk to someone who should know the many statutes of the United States regarding these matters. As these offenses can be particularly serious, a Michigan federal financial criminal defense lawyer could help to build a strong defense.
By contacting a driven criminal defense attorney, you could advance your potential for a favorable outcome should the case go to trial.Types of Federal Financial Offenses
Federal financial offenses are characterized by three components: deceit, concealment, or a violation of trust. These types of offenses do not usually involve any threats to impose physical violence. They relate to other financial issues such as corporate fraud and can be broken down into four categories:
- Bank fraud
- Securities fraud
- Healthcare fraud
- Insurance fraud
These four types of fraud encapsulate several small forms of financial offenses and could be further explained by a seasoned Michigan federal financial criminal defense lawyer, who has dealt with these types of cases before.Common Penalties for Federal Financial Offenses
The penalties for committing a federal financial offense in Michigan vary depending on the crime. The penalty for health care fraud or insurance fraud could be a ten-year sentence. Someone convicted of money laundering and racketeering crimes based on financial fraud faces up to 20 years of incarceration.
Many of the basic bank fraud penalties are in the five to ten-year range depending on the amount of money involved and the mechanism utilized to precipitate the fraud, which could involve hefty fines.Severity of Investigations in Michigan
The severity of the investigation determines the agency involved in the investigation in Michigan. The FBI is often the lead agency and has the most significant resources. The FBI has financial offense guidelines that continue to increase. Currently, they are more than five million dollars for most of the cases, and the FBI does not invest resources on fraud charges less than that.
The IRS might pursue fraud that is smaller, and the SEC is probably the lowest in terms of investigations because they have their own internal regulations. The SEC does not move as quickly as the FBI to investigate a crime. However, they have investigative resources not necessarily available to other agencies because of the requirements of disclosure that companies may have when they trade on the stock market.Who Investigates Federal Criminal Activity?
The three primary agencies that generally investigate federal offenses are the Federal Bureau of Investigation (FBI), Securities and Exchange Commission (SEC), and the Internal Revenue Service (IRS).Contacting a Michigan Federal Financial Criminal Attorney
A federal offense such as one pertaining to finance can hold lifelong, serious consequences and implications. Dealing with these potential consequences could be intimidating if dealt with, without the counsel of a professional.
By contacting a Michigan federal financial criminal defense lawyer, you could bolster your chances in building your defense and defending your reputation.