Miami Gardens White Collar Crime Attorney

Miami Gardens fraud cases

Fraud is an intentionally deceptive misrepresentation that is usually motivated by financial gain. Florida law refers to fraud formally as a “Scheme to Defraud.” There are many different types of fraud, some examples of which include:

• bank fraud
• mortgage fraud
• credit card fraud
• Medicare fraud

BANK FRAUD CASES IN MIAMI GARDENS

Bank fraud is a more colloquial term that encompasses deceptive schemes that involve any type of financial institution. Victims of bank fraud may be individual bank customers, businesses of all sizes, or the financial institution itself. Some examples of different types of bank fraud are:

• account takeover fraud
• wire transfer fraud
• new account fraud
• ACH fraud

Fraudsters often use stolen or fake identities to engage in bank fraud. Therefore, it is possible for someone to be suspected of bank fraud because of activity someone else has been doing in the accused party’s name. If you have been contacted by law enforcement regarding bank fraud, consult a Miami Gardens bank fraud defense lawyer to learn how you can take steps to clear your name and protect yourself.

SOUTH FLORIDA MORTGAGE FRAUD DEFENSE

Mortgage fraud is any intentional deception that occurs during the mortgage loan process. There are two types of mortgage fraud: fraud for profit and fraud for housing. Both types of mortgage fraud occur in Florida’s real estate market.

Fraud for profit occurs when real estate industry insiders are behind the scheme. Real estate agents, real estate appraisers, and mortgage loan officers sometimes work together to artificially inflate the value of a property. When a buyer pays the resulting inflated asking price, the parties who colluded in the fraudulent scheme split the illegal profit among themselves.

Fraud for housing occurs when someone who is applying for a mortgage loan intentionally supplies false information on the application. Mortgage loan applicants commonly falsify:

• employment information
• assets
• applicant’s name
• other personal details

The motivation behind providing false information on a mortgage loan application is typically to be approved for a mortgage for which the applicant may not otherwise be approved, to obtain a better interest rate on a mortgage loan, or to be approved for a larger loan than the bank would otherwise approve.

One variety of mortgage fraud is perpetrated by investors who use straw buyers to obtain better terms on a mortgage loan for an investment property. Banks are often more inclined to extend better terms to applicants who intend to use the loan to purchase a property the applicant plans to use as a personal residence. The straw buyer misrepresents his or her intention behind applying for a mortgage and claims to have plans of purchasing a property that will be his or her personal residence. When the straw buyer gets approved for the loan and uses the loan to purchase the property, the straw buyer immediately transfers the property to the investor.

FLORIDA CREDIT CARD FRAUD

Credit card fraud refers to an intentionally deceptive scheme that involves any type of payment card. The manner in which fraudsters have defrauded banks, businesses, and customers by using credit cards has evolved over time. Decades ago, fraudsters had to physically obtain a credit card statement, a credit card receipt, or the card itself to access the cardholder’s account. Scammers also used telemarketing schemes to induce cardholders to share their card information over the phone.

Today, credit card fraudsters use high-tech strategies to access credit card customers’ accounts. Some examples of technology-based methods of operating credit card fraud schemes include:

• Phishing
• Card skimming
• Application fraud
• Cloning cards

Phishing occurs when a fraudster creates a fake email or text message that is designed to convince a potential victim that the communication is coming from a legitimate banking institution. The email includes a link that redirects the potential victim to a website that resembles the banking institution’s official website, but instead, the site is fake. If the potential victim clicks on the link and enters his or her log-in credentials to access his or her account through the website, the fake website will collect the log-in information. From that point, the fraudsters can retrieve the log-in credentials and access the customer’s credit card account.

Card skimming occurs when fraudsters install their own card readers over an ATM or an outside payment terminal at a gas pump. When an unsuspecting customer swipes his or her card through the fraudulently installed card reader, the device captures the customer’s credit card information. The fraudsters retrieve the information from the device and use it to access the customer’s credit card account and conduct fraudulent transactions.

There are a few different ways fraudsters conduct credit card application fraud schemes. Fraudsters may use their own identity, stolen identity information, or a fictitious identity to apply for a credit product. When the application is approved, the fraudster immediately withdraws cash from the line of credit or maxes out the credit account before severing contact with the issuing financial institution with no intent to pay the balance.

Credit card cloning is what happens in the second half of a card skimming operation. When the fraudsters access the card data they capture through skimming devices, the fraudsters can download the information to the magnetic strip on a new card. The fraudsters can then use the new card to conduct transactions with the victim’s account or sell newly-created fraudulent cards to other fraudsters.

Ponzi schemes

Ponzi schemes start off as what may appear to be a solid investment opportunity. The fraudster convinces victims that he or she has knowledge of an investment product that is the industry’s best-kept secret and is trusted by savvy investors and the people who are closest to them. However, instead of placing the investors’ money into a legitimate investment account, the fraudster uses the money to fund his or her lavish lifestyle, which the fraudster uses to attract more victims.

Early investors in the scheme receive statements and may be able to withdraw what appears to be profits from a legitimate investment. Eventually, the investors are no longer able to make withdrawals, and they may even stop receiving statements. By the time the investors realize they can no longer access their accounts or get in touch with the fraudster, the fraudster has typically left town and changed his or her contact information.

Embezzlement

Embezzlement is a very specific type of theft that requires the existence of a fiduciary relationship or a relationship of trust. The trusted relationship is usually based on the fraudster’s employment or a business relationship. The embezzler uses his or her trusted position to deprive the victim of the enjoyment of his or her property he or she has entrusted to the embezzler. Some examples of embezzlement include:

• a treasurer secretly diverting the organization’s money to fund a personal project
• a government official who misappropriates taxpayer funds
• a parking garage owner who steals customers’ cars and sells them in other states
• a cashier who pockets money from the cash register without authorization

A defendant is less likely to be convicted on an embezzlement charge if the defense can prove that the defendant legitimately believed he or she was authorized to take the other party’s property. Your Miami Gardens embezzlement defense attorney can explore the strongest arguments for your defense.

Racketeering

Racketeering is also known as RICO, which references the federal Racketeer Influenced and Corrupt Organizations Act of 1970. Florida was one of the first states to enact its own RICO statute after Congress enacted the federal law. Racketeering refers to activities that are conducted by criminal enterprises. State and federal prosecutors may establish a RICO charge by proving an individual:

• Is involved with a criminal enterprise
• Has engaged in two or more related criminal offenses that qualify as racketeering activity
• Engaged in the racketeering activity within the applicable statute of limitations

Florida’s racketeering statute closely mirrors the federal statute. However, in some ways, Florida’s racketeering law takes matters a step further. Instead of focusing on the individual members of criminal enterprises, Florida prosecutors may use the state statute to simultaneously charge entire organizations.

Miami Gardens white collar crimes defense lawyer

Accusations of involvement with white collar crime can especially be damaging to your career and how others perceive your sense of personal integrity. If you are under investigation for a white collar offense, a Florida white collar crimes defense lawyer may be able to protect your reputation and help you avoid unnecessary scrutiny. Contact Joffe Law, South Florida’s white collar crimes defense law firm if you are facing a white collar charge in Miami Gardens.