Kendall White Collar Crime Attorney

Defense attorney for Kendall FL fraud cases

Fraud is an umbrella term that refers to offenses in which the offender makes an intentional misrepresentation with the objective of illegally receiving something of value. Though it may seem as if fraud cases are a new development in criminal law, people have been defrauding businesses, the government, and each other since the beginning of organized societies. In recent years, we have been hearing more about fraud cases because fraudsters’ strategies have become more sophisticated with the advancement of technology. Some examples of fraud are:

• bank fraud
• PPP Loan fraud
• mortgage fraud
• insurance fraud

Although the overall concept of fraud is universal, there are slight variations between the state and federal fraud statutes. Our Kendall FL defense lawyer is experienced in representing defendants in federal and state level fraud cases.

BANK FRAUD DEFENSE

The financial industry is a primary target for fraudsters. There are several varieties of bank fraud. Bank fraud refers to any deceptive scheme that involves any type of financial institution. Some bank fraud schemes target the banking institutions directly while others victimize bank customers and small, medium, and large businesses. Some common types of bank fraud are:

• identity theft
• account takeover
• check fraud
• wire transfer fraud

Identity theft is an example of a crime that is not new, but it has proliferated with the advancement of technology. Prior to the widespread availability of the internet, internet theft took the form of stealing a victim’s purse or wallet or raiding residential mailboxes. Thieves would steal banking statements, ID cards, checkbooks, credit cards, and other items that contained financial information. Once thieves have a customer’s personal data and financial information, the thieves would access the customer’s account by contacting the financial institution. If the thieves had credit cards or checking account numbers, they would try to directly use the account information to conduct unauthorized transactions. Today, identity theft rings use technology-driven approaches like phishing, hacking, and card skimming.

Account takeover occurs when fraudsters use financial data they have either purchased illegally from identity thieves or obtained themselves to access a customer’s financial accounts. In some cases, fraudsters use programs that automatically rotate through a database of passwords to attempt fraudulently to log into a customer’s account.

PPP LOAN FRAUD

During the global COVID-19 pandemic, the federal government fast-tracked a lending program that allowed businesses to gain access to emergency capital to cover payroll expenses. To expedite disbursement, the federal government authorized private companies to process loan applications. Fraudsters made use of the general sense of urgency and fast rollout to operate scams. Now that the global pandemic is behind us, the federal government has prioritized investigating PPP loan fraud and prosecuting the most egregious offenders. If you have been contacted regarding suspected PPP loan fraud, contact a Kendall FL fraud defense attorney before speaking to investigators.

MORTGAGE FRAUD

Mortgage fraud is a term that refers to any intentional fraudulent misrepresentation someone makes during the process of obtaining a mortgage loan. There are two types of mortgage fraud: fraud for profit and fraud for housing. Fraud for profit typically involves real estate industry insiders who collude to receive an illegally inflated profit from a real estate transaction. For example, a real estate agent and property appraiser may artificially inflate the value and, therefore, the asking price of a property. When an interested buyer comes along, the real estate agent and property appraiser may offer compensation to the mortgage officer to approve the loan at the inflated rate. When the buyer receives the bank’s approval for the mortgage loan and closes on the contract, the real estate agent, appraiser, and mortgage loan officer split the illegal profit among themselves.

Fraud for housing occurs when someone who is applying for a mortgage loan intentionally provides false information. Applicants who engage in mortgage fraud misrepresent their income and assets or use fictitious personal identification information. Some common reasons mortgage loans make false representations include:

• getting approved for a loan for which the applicant would not otherwise qualify
• getting approved for a larger amount
• getting approved for a better interest rate

Investors sometimes commit fraud for housing by using a straw buyer. The straw buyer will apply for a mortgage loan and misrepresent the fact that they are applying for the loan on the investor’s behalf. The applicant tells the bank he or she is interested in purchasing the property to be occupied as their personal residence. The bank will most likely give the applicant more favorable financing terms than it would have extended to the investor. Next, the applicant closes on the property and immediately transfers the property to the investor. The investor benefits from the favorable financing the applicant received by pretending to be a residential buyer.

INSURANCE FRAUD DEFENSE ATTORNEY IN KENDALL FL

When people hear about insurance fraud cases, they most often imagine insurance customers filing false claims. However, there are many other types of insurance fraud. Agents commit insurance fraud when they collect customers’ insurance premiums and divert the funds to a personal account instead of forwarding the money to the insurance company to cover customer premiums. Fraudulent salespeople con potential customers by selling fake insurance products that do not offer real coverage. Medical care providers defraud health insurance companies and government programs by engaging in deceptive billing practices.

Kendall FL Ponzi schemes

Ponzi schemes are often disguised as exclusive investment opportunities that are only known by savvy financial advisers and their best clients. The fraudsters who operate Ponzi schemes promise potential investors an unusually high rate of guaranteed returns. Initial investors in the scheme are generally able to make withdrawals that appear to be legitimate profits from a real investment account. Allowing investors to make withdrawals in the beginning keeps the facade going and gives the victims the confidence to recruit friends and family members to also invest in the scheme. After more people invest with the fraudster, the investors will eventually realize they are unable to contact the scammer to withdraw their money. The fraudster will typically change his or her contact information to prevent the victims from reaching him or her and leave town with the investors’ money.

To create the appearance of legitimacy, Ponzi schemers will often rent an office and may even hire a staff to work in the office. When federal and local law enforcement agencies investigate the scheme and make arrests, people who worked for the scammer may be investigated or even arrested even though they may have had no knowledge of the scheme. If you have been contacted by law enforcement regarding a potential financial crime, immediately consult a Kendall FL accident lawyer.

Embezzlement offense

Embezzlement is a very specific type of theft. The major difference between embezzlement cases and general theft offenses is the existence of a fiduciary relationship between the perpetrator and the victim. For example, a valet attendant may be accused of embezzlement if he or she parks a customer’s vehicle in his or her personal garage at home and tells the customer the vehicle has been stolen. In another example, the treasurer of a club may be convicted for embezzlement if he or she withdraws the organizations money and deposits the money into a personal account. In an embezzlement case, the defendant has a relationship in which the victim trusts the defendant with his or her property. The defendant uses the trusted position to illegally deprive the victim of the enjoyment of his or her property.

Florida money laundering defense

Every criminal organization has to find a way to conceal the money they receive through illegal activity. Money laundering is the process criminals use to give their illegal proceeds the appearance of legitimacy. The process of money laundering takes place in multiple steps. Each step is designed to further confuse anyone who may try to trace the money back to its origins. Money launderers use many different strategies, including:

• cash smuggling
• placing dirty money into cash-based businesses
• using shell companies to conduct transactions
• gambling
• purchasing high-end items
• purchasing real estate
• trading stocks
• purchasing cryptocurrency

Money laundering investigations do not stop at the members of the criminal enterprise. People who appear to help launder the organization’s money may also be investigated and charged with a crime.

Racketeering charge in Kendall Florida

Congress enacted the Racketeer Influenced and Corrupt Organizations (RICO) Act of 1970 to make it easier for federal prosecutors to charge members of criminal organizations with a federal crime. Several states followed suit and enacted their own RICO statutes. Florida is one of those states. Florida’s RICO law closely mirrors the federal statute. However, Florida’s RICO law goes one step further and allows state prosecutors to charge entire criminal organizations at once.

To establish a RICO charge, prosecutors must prove the defendant is affiliated with a criminal enterprise and engaged in at least two activities as part of a pattern of racketeering. State and federal law require the activities to be related to the criminal enterprise in some way and to have occurred within the statute of limitations.

White collar crimes defense lawyer in Kendall

Joffe Law is a leading criminal defense law firm that specializes in white collar crimes defense. If you have been charged with a white collar crime in state or federal court, contact us today. A member of our team will evaluate your case.