Sapone & Petrillo, LLP
Call Today 212-349-9000

Wire fraud still a common occurrence in new york

Among one of the most common types of white collar crimes in New York City is wire fraud. Similar to mail fraud, wire fraud constitutes as any financial deceit using informational technology, and comes with serious consequences. Those charged with wire fraud often face decades behind bars, as well as thousands in fines. Nevertheless, wire fraud is the most widely used form of financial deception in the country, and countless New York residents are arrested each year on wire fraud charges. 

Just months ago, the New York Post reported on the infamous Martin Shkreli (now recognized as "Pharma Bro" and "the most hated man in America") and his recent trial in New York. Shkreli became widely criticized after gouging the price of the antiparasitic drug Daraprim; however, recent focus has shifted to Shkreli's $11 million investment Ponzi scheme from the years 2009 to 2014. Shkreli faces possible charges -- which could result in up to 20 years in prison -- for securities and wire fraud. Shkreli used money from his pharmeceutical company, Retrophin, to pay off investors in a prior company after allegedly using dishonest financial practices with the company. 

The most hated man in America is not the only culprit of wire fraud; The New York Times revealed earlier this year that Fyre Festival entrepreneur Billy McFarland also faces severe penalties for wire fraud. Initially sold as a high-class beach festival in the Bahamas, Fyre ultimately turned into a failed and disastrous event that left investors, ticket buyers and workers in financial setbacks. Months after the festival-gone-wrong, federal agents arrested McFarland at his home in Manhattan. According to federal prosecutors, McFarland's charge involved a scheme to defraud investors, and the use of dishonest practices regarding financial information. Ticket prices to the festival ran as high as $400,000.  

        

 

No Comments

Leave a comment
Comment Information

Sapone & Petrillo, LLP | One Penn Plaza | Suite 5315 | New York, NY 10119 | Phone: 212-349-9000 or 516-678-2800 | Map & Directions