Some manifestations of this white-collar crime have become more frequent as the Internet gives criminals greater access to prey. Last year, reports show that U.S. citizens lost approximately $40 billion to securities fraud schemes. Fraudulent schemes perpetrated in the securities and commodities markets can ultimately have a devastating impact on the viability and operation of these markets. In addition, the trading volume in the United States securities and commodities markets has grown considerably since the 1990s. As a result, the markets have fallen victim to fraud and misconduct by investors, executives, shareholders, and other market participants. As the industry develops and evolves, securities fraud manages to create more complicated investment vehicles for which to conduct fraud. Even beyond the scope of the United States markets, global markets have become targets of white-collar criminals, who now seek new markets, new investors, and banking havens to hide their unjust enrichment. Fraudulent crimes are investigated very thoroughly and prosecuted to the fullest extent, as innocent victims of these crimes are usually unlikely to recover any lost benefits.
Penalties for Fraudulent Schemes
The United States treats crimes of fraud very seriously, as any disruption to commerce can have enormously detrimental repercussions to the national economy. Therefore, those convicted of fraudulent theft crimes may face imprisonment, fines, restitution, community service, disgorgement, probation and other alternative punishments. The punishments associated with these crimes become even more severe due to the Sarbanes-Oxley Act of 2002, which set new or enhanced standards for all U.S. public company boards, management and public accounting firms, and enhanced the penalties for crimes such as mail and wire fraud. Included in the Sarbanes-Oxley Act is a new federal securities fraud statute. Congress enacted the Securities Fraud Statute for three primary reasons. First, gaps in federal securities and criminal fraud laws at least partially induced an increased number of securities fraud schemes during the past decade. Congress enacted the statute to close this gap and make it easier for prosecutors to convict defrauders. Second, Congress sought to give federal prosecutors an elastic rule that would enable them to prosecute yet unforeseen classes of schemes. Third, Congress wove a stiff twenty-five year sentence into the statute to deter securities fraud more effectively.
Talented Boston, Massachusetts Telemarketing Fraud Defense Lawyer
A person who is accused of a fraud or any other white-collar crime needs an attorney who can cut through the complex aspects of the legal process. The Law Office of Patrick J. Murphy is seasoned at handling complex prosecutions. As a dedicated criminal defense attorney, Patrick J. Murphy, Esq. has been instrumental in the vigorous defense of his clients throughout Massachusetts for over 18 years. It is always intimidating when you or a loved one has been charged with a crime. But it is important to remember that help is available. For a free and confidential assessment of your case, please call 617-367-0450 or email us directly using our online contact form.