Contrary to what many New Yorkers might believe, Ponzi schemes can involve more than inexperienced investors and greedy schemers. Many of these cases are complex and easily overlooked; what can seem a wise financial step can become a disaster overnight. More recently, a different angle of this crime has reached the spotlight: that of cryptocurrencies.
Whenever you have been tasked with handling a company's financial transactions, you essentially hold its spending power in the palms of your hands. With that authority comes a good deal of scrutiny, particularly over the companies and vendors in New York City that you work with. Several of the past clients that we here at Sapone & Petrillo, LLP have worked with have seen the nature of their vendor relationships cause others to accuse them of embezzlement. Why would your work with your company's vendors potentially lead to criminal accusations?
If you are a resident of New York who is involved in business investments you know that many people find complex financial transactions to be confusing. In some situations, it may well be a person's lack of understanding that makes them believe that something may in fact be fraudulent. There are certain things that are identified as hallmarks of Ponzi schemes, a certain type of investment fraud. Knowing what these are is important for you so you can make wise choices with your own investment programs.
There may a common line of thinking out there amongst many in New York that the penalties that accompany white collar crimes are light. This assumption may be fed by the stories that many may have heard perpetuated about cushy federal prisons that make the experience of incarceration seem like more of an extended vacation. In reality, an embezzlement charge can result in very harsh consequences, especially given that many of such cases involve the alleged theft or misappropriation of huge sums of money. As is the case in many criminal actions, the higher the amount that is supposedly stolen, the greater the penalty one may face.
It may be easy to assume that those accused of embezzlement in New York are sophisticated white-collar criminals stealing millions of dollars giant corporate conglomerates. Yet in truth, anyone in any profession and in social class can be accused of such a crime. Embezzlement is defined as the misappropriation of funds entrusted to an individual (typically by his or her employer). In some cases, the intent to misuse company money for personal gain may be clear. In others, however, one accused of embezzlement might actually have believed (of was led to believe) that his or her use of such funds was legitimate.
New York residents who work in roles in which they have access to company or organization funds may find themselves under great scrutiny at times. These types of jobs may well put people at a greater risk of being accused of embezzling or otherwise misappropriating money. When these types of white collar crime charges are levied against a person, the potential consequences may be great.
Accusations of embezzlement in New York City are taken very seriously due to the financial impact that the crime can have on the victims involved. Yet a perception may exist that such activity does not warrant harsh criminal penalties due to the fact that those convicted of it are often sentenced only to probation. However, there may be a reason behind such sentencing. Convicted perpetrators of embezzlement are often made to pay restitution to those that they stole from. Repaying that debt may be next to impossible if one is incarcerated.
Ponzi schemes are some of the most intriguing forms of fraud in the industry. While most victims in New York do not realize they are losing money, there are also many involved in the scheme who do not know they are participating in a crime. The laws and rules can be confusing, so it is important to understand the basics. At the Sapone and Petrillo law firm, we want to help those who have been wrongly accused or mistakenly involved in a Ponzi scheme. Here is everything you need to know about this type of fraud.
The term "embezzlement" is likely to bring immediate thoughts of greed and shady financial practices. The term itself even has a sharp, stinging phonetic tone. Embezzlement is a criminal charge that relates to the theft of financial assets for which an individual is responsible. For the most part, embezzlement is a charge that relates to business professionals, executives and corporate workers, though it can be applied in other contexts as well.