Corporate Fraud Attorneys in Michigan
Corporate fraud is one of the leading white-collar crimes that federal prosecutors, including the FBI, target. Not only does corporate fraud have a long-lasting and detrimental impact on investors, but it also has the potential to cause immeasurable damage to the U.S. economy as well as the confidence that investors have in major corporations. As such, corporate fraud is a federal crime that extends beyond Wall Street or corporate boardrooms, as it affects medium and small businesses as well as individuals and families (who may have to endure the damage caused to the economy).
Due to the great potential that corporate fraud has, federal agents and prosecutors punish convicted offenders with substantial imprisonments and hefty fines. However, rarely are cases of fraud black-and-white, and it is essential to get the help of some of the best corporate fraud defense attorneys to protect your rights and relentlessly fight for the best possible outcome, whether that is proving your innocence, getting the case dropped, or fighting for reduced or alternative sentencing.
What is Corporate Fraud?
Corporate fraud is a term that encompasses a wide variety of illegal and unethical violations, where the goal of this fraud is to achieve certain benefits, advantages, or wealth at the expense of others. Generally, this involves deception to achieve a goal, and the deception can involve multiple people and complex schemes. The targets of this deception include the public, investors, investigators, and auditors, and, often, corporate fraud provides benefits from inflated stock prices and increased salaries, among others. This type of fraud is considered a white-collar crime.
Types of Corporate Fraud
There are many ways that individuals can pull off a corporate fraud scheme, and in many cases, the complexity of fraudulent schemes requires several implicit individuals. Additionally, some corporate fraud investigations begin as civil cases but then turn into federal criminal cases due to incidents of obstruction of justice.
Some of the most common types of corporate fraud include:
- Theft of cash, physical assets, or sensitive information
- Corporate misuse of accounts
- Bribery or corruption
- Financial accounting deception
- Suspense accounting fraud
- False employment credentials
- Securities fraud
- Payroll fraud
- Corporate identity theft
- Intellectual property fraud
Furthermore, the FBI corporate fraud investigation division investigates some of the following examples of fraud, including:
- Falsification of financial information — Misrepresentations of financial conditions, false accounting entries, and fraudulent trades designed to inflate profits or hide losses, illicit transactions designed to evade regulatory oversight
- Insider trading and self-dealing — Kickbacks, misuse of corporate property for personal gain, individual tax violations related to self-dealing
- Fraud in connection with mutual funds — Late trading, market timing schemes, falsification of net assets
Punishments for Corporate Fraud
Punishments for corporate fraud are, in most cases, based upon the individual violations committed. For example, Bernard Madoff is doing 150 years in prison for running a $65 billion Ponzi scheme; Walter Forbes, former chairman of Cendant, is serving 12 years and 7 months and must pay $3.275 billion in restitution; and the former CEO of WorldCom, Bernard Ebbers, is doing 25 years in prison. There are many other famous cases of corporate fraud, but if you’re under investigation for corporate fraud, or you’ve already been arrested, it can be difficult to anticipate the extent of the punishments.
There are four types of penalties that an alleged offender may face, including:
- Fines — For a corporation caught committing fraud, the fines can be in the billions. For individuals, it can exceed $250,000 or more.
- Incarceration — These crimes are often felonies, meaning that imprisonment lasts longer than a year.
- Restitution — Because this type of fraud is a financial crime, those convicted often face a restitution order to pay back their victims.
- Probation — Probation is often a consequence of fraud as well, and while on probation, the offender must adhere to court orders.
Contact Grabel & Associates to Defend Your Case
A corporate fraud conviction can present lifelong consequences, ranging from criminal consequences (the impact of a felony on your record, imprisonment, etc) to civil issues, such as bankruptcy. If you are even suspected of being involved in corporate fraud, it is essential to contact a prominent and experienced criminal defense lawyer as soon as possible.
At Grabel & Associates, we ensure a comprehensive, tireless investigation into the circumstances surrounding these charges. We’ll aggressively, yet professionally, challenge the prosecution’s narrative and evidence, and we will always fight for the best possible outcome. To speak with the federal law and corporate fraud attorneys at Grabel & Associates, call our law firm immediately by dialing 1-800-342-7896.