Financial Crimes | Los Angeles Criminal Defense Blog
One of the main priorities of the federal Securities and Exchange Commission (SEC) is to investigate insider trading. Allegations of insider trading can have severe criminal and civil repercussions. Federal courts impose strict penalties, including steep fines and prison terms. A criminal conviction may also lead to civil litigation.
When people earn money through illegal activities, they need to find ways to make it appear as though this money came from a legitimate source to avoid legal penalties. This process is known as money laundering.
California has strict legal penalties against money laundering, and this offense is vigorously prosecuted by the federal government, particularly in cases involving drug trafficking, organized crime, income tax evasion, and international terrorism.
Fraud allegations against you or your business can seriously harm your reputation. In addition to civil penalties, insurance fraud can also result in criminal prosecution. There are several types of activities that fall under the heading of insurance fraud. These offenses are vigorously investigated and prosecuted in California. If convicted, you face stiff fines and serious jail time.
State and federal prosecutors advance their careers by getting high conviction rates. They hate to lose, and they’ll come after you with everything they’ve got to win a case.
Concealing assets from creditors is the most common form of bankruptcy fraud. Hiding assets during bankruptcy proceedings is a criminal offense under federal and state law in California that carries strict penalties including jail time.
If you are being investigated or facing charges for bankruptcy fraud, contact the experienced criminal defense attorneys at Werksman Jackson & Quinn LLP right away. We have a proven track record of success defending clients in state and federal prosecutions.
“Cooked books” is a slang term for accounting records in which facts or figures have been altered illegally or dishonestly. Some companies use various tactics to manipulate their financial records and improve their results. Sophisticated accounting techniques can be used to overstate a company’s profitability.
An offshore bank account is any account with a bank located outside of the United States. The most popular offshore banking centers in the global market are the Cayman Islands and Switzerland. Offshore accounts provide financial and legal benefits to banking clients.
If they have more than $10,000 in a foreign bank account, U.S. citizens and residents must report annually to the IRS all financial interests in any bank, securities, or other financial accounts in any foreign country. This is done by filing on or before April 15 of every year IRS form TD F 90-22.1. This form is a Report of Foreign Bank and Financial Accounts (FBAR).
Virtual currencies are a digital means of exchange that are unregulated and allow for transactions to occur without bank involvement – but times are changing. When the government believes that any digital currency is being used to commit a crime, as the transactions cross state lines, cryptocurrency crimes are under the jurisdiction of the federal government.