Guest Post provided by The Law Offices of Kush Arora.
Fraud is a word that is often used to casually describe a person that is dishonest. In a legal sense, fraud is actually a criminal charge that is made up of five parts. For example, if the government charges a person with fraud, they must be able to prove all the elements of the charge in order to get a conviction. What are these five elements?
In order to prove fraud, prosecutors must be able to show that the person charged has made a statement concerning an important fact that is false or misleading, and that they knowingly made this statement even though they knew it to be false or misleading, and that they were intentionally attempting to deceive. In addition, prosecutors must be able to show that the party that was defrauded had reason to believe the defendant’s false statements were true, and of course, there must be damages, or a loss, involved.
The most high-profile charge of fraud in recent history is the Bernie Madoff case. In 2009, Bernie Madoff, one of the world’s best known investment-fund operators was charged with defrauding thousands of people out of billions of dollars by operating a Ponzi-Scheme that collapsed under the weight of the 2008 financial crisis. His lawyer faced an unsuccessful, uphill battle in the face of overwhelming evidence.
An equally disturbing case, but not quite as well-known, is the case of Allen Stanford. Mr. Stanford was found guilty of fraud in 2012 and sentenced to 110 years in prison. He owned and operated a bank on foreign soil, but was found to have defrauded his customers out of billions of dollars in another Ponzi-style scheme that collapsed. A similar case occurred in the UK when Nick Leeson’s fraudulent behavior led to the destruction of the oldest investment bank in that country.
The word fraud is often synonymous with the name, “ Enron.” Enron was an energy company that managed to fool investors into continuing to invest with their company through tricky accounting maneuvers that made them appear to be profitable even when they were in dire trouble. This kind of fraud requires the cooperation of many. To make matters worse, the heat from the SEC investigation left many investors holding an empty bag while greedy executives cashed out. Kenneth Lay was the most high-profile name from that case. He was charged with fraud in 2004, but died of a heart attack before being tried.
In 2012, Tour-de-France champion cyclist Floyd Landis pled guilty to defrauding charitable contributors by lying about his use of performance-enhancing drugs, but his attorney was able to secure a specialized plea that softened his punishment.
There are fraud schemes in every area of life where money is exchanged. Legal representation is vital when facing a fraud charge because the burden on the government to establish the five elements can be made more difficult by a skilled attorney. High-profile fraud charges make up a very small percentage of overall fraud cases in the world.
The information provided was brought to you by the The Law Office of Kush Arora and their experienced fraud attorneys.
Fill out the form below to recieve a free and confidential intial consultation.
Click here for important legal disclaimer.
10.0 Superb Rating
AVVO Criminal Defense
AV-Highest Rated Preeminent Lawyers
Martindale-Hubbell
Life Member
National Association of Criminal Defense Lawyers
Super Lawyer
Criminal & DUI Defense
Top 1% Attorney
National Association of Distinguished Counsel
Top 100 Trial Lawyers
(Criminal Defense)
American Trial Lawyers Association
Top 10 DUI/DWI Law Firm
American Institute of DUI / DWI Attorneys
Client Satisfaction Award
American Institute of DUI / DWI Attorneys
Top 100 Lawyer
American Society of Legal Advocates
Member
National College for DUI Defense
Top 10 Attorney
National Academy of Criminal Defense Attorneys
Charter Member
Trial Masters
Member
DUI Defense Lawyers Association
Lifetime Member
Best Attorneys of America
Member
American Bar Foundation
Sustaining Member
Arizona Trial Lawyers Association
Member
America's Top 100 Criminal Defense Attorneys
Member
American Association for Justice
Life Member
Arizona Attorneys for Criminal Justice
Superior DUI Attorney
National Advocacy for DUI Defense
2019 Litigator of the Year
(Criminal Law)
American Institute of Trial Lawyers
Member Since 1989
American Bar Association
Voted #1 DUI Team (2020)
Ranking Arizona
40 N Central Ave, Ste 2300
Phoenix, AZ 85004
Click here for Directions