Fraud is a very serious financial crime and many criminals in history have gotten away with this crime, which happens to be deceiving somebody for monetary or personal gain. Before the 1920s, a man by the name of Charles Ponzi paid out returns with other investors’ money. He had received a letter in the mail from a company in Spain that contained an international reply coupon and he realized that he could receive a profit by buying IRCs in one county and exchanging for stamps in another. Ponzi reportedly made more than 400% on some sales. It was reported through his scheme, later named the Ponzi Scheme, he made $250,000 a day. Fraud offenses are serious because they usually involve large amounts of money and include false statements, misrepresentations, or even deceitful conduct. People know that they are committing fraud but still choose to deceive others and steal their money right out from under them. Laws dealing with fraud can vary from state to state, but will usually be criminal or civil. To prove a claim, you must be able to show that a misrepresentation happened by somebody who knows what he or she is doing is false and that either injury or monetary loss resulted from this. People who participate in fraud crimes can expect to face very serious penalties. Many times, these crimes are serious enough to be considered felony and can be punishable by jail, fines, probation, and more. You may also be subject to paying restitution, which is when you pay back a victim for what was stolen from them. You may also find that you pay substantial fines that are geared to punish bad behavior on your part. Depending on how severe the case is, you can expect to owe a lot to your crime.
Common Types of Fraud Crimes
Identity Theft: This is when a criminal steals your most personal information like your social security number and financial information for their own personal use. Pigeon Drop Schemes: This is when you are told by a scammer that you have won money in a contest but asks for a money loan to verify this. The scammer will steal the money right out from under the ‘pigeon.’ Mail Fraud: Many mail schemes take place through the U.S. postal system as well.
Warning Signs and Steps to Take
There may be many warning signs and they may not be spelled out for you. For instance, you may get a phone call from somebody asking for you to send money for an offer, or a request through mail asking to send money to a bogus account for something that seems “too good to be true.” Many businesses and individuals should watch out for the warning signs before it is too late. If you believe that you have fallen victim to fraud, you may feel like you have sustained a huge loss or that you are shameful. There are many steps you can take to get back the money you deserve, such as contacting a fraud victims’ assistance organization that specifically focuses on this issue. However, you can also speak to an attorney if you have a good idea of where you must start. You can contact The Law Office of Peter Blair for more information when you have been hit by the overwhelming power of a fraud crime. Call today for more information.