Fraud is defined in Kentucky Revised Statute 411.184(b) as “an intentional misrepresentation, deceit, or concealment of material fact known to the defendant and made with the intention of causing injury to the plaintiff,” and is more generally defined in law as “an intentional misrepresentation of a material existing fact made by one person to another with knowledge of its falsity and for the purpose of inducing the other person to act, and upon which the other person relies with resulting injury or damage.”
Have you been accused of any crime involving fraud? Being found guilty of fraud in Lexington or elsewhere in Kentucky can result in serious financial penalties and may include a prison sentence. If you’ve been accused of fraud, you need a Kentucky fraud lawyer who understands the seriousness of your charges. You need the services of Dan Carman, criminal defense attorney in Lexington. Contact Dan at (859) 838-1415 or by filling out his online form.
Types of Fraud
When the crime of fraud is mentioned today, most people think of identity theft, but while fraud does include the crime of identity theft, it also encompasses many other areas of fraudulent activity. These areas include but are not limited to:
- bankruptcy fraud
- tax fraud or tax evasion
- insurance fraud
- mail fraud
- credit or debit card fraud
- securities fraud
- wire fraud.
These types of fraud can be committed in person or through the mail or Internet, or by telephone or wire.
Sentencing and Fines for Fraud
Bankruptcy fraud – If you filed for bankruptcy and took an action such as obtaining a cash advance before filing or transferring debt from one credit card to another or otherwise attempting to hide your assets, you may be accused of bankruptcy fraud and, if you are found guilty, face a sentence of up to five years in prison, a fine of up to $250,000, or both.
Tax fraud or tax evasion – Underpaying your taxes is not in itself a crime, because tax forms and tax requirements are complicated and you can make mistakes when completing the forms; however, if you deliberately underpay your taxes, you may be found guilty of tax fraud or tax evasion. Tax fraud is punishable by up to $500,000 in fines and up to five years behind bars.
Insurance fraud – If you have been accused of making a false or exaggerated insurance claim, you may be found guilty of insurance fraud. The penalty for your crime is imprisonment for up to five years, a fine of $10,000, or both.
Mail fraud – You can be accused of mail fraud if you have used the U.S. Postal Service in the act of committing fraud. Penalties for mail fraud are severe and can include imprisonment for 20 or more years and a fine payment of up to $500,000.
Credit or debit card fraud – This type of fraud is a form of identity theft that involves taking another person’s credit or debit card information without their authorization for the purpose of making charges to the card or removing funds from the person’s account. If you are accused of credit or debit card fraud, you face up to 10 years in prison and fines of up to $10,000.
Securities fraud – You may be found guilty of securities fraud if you have been accused of making false statements about a company or about the value of the company’s stock and others have then made financial decisions based on the statements you made. Securities fraud also includes “insider trading,” where someone in a company with confidential financial information uses that information to buy or sell stock before the information is released to the public. If you are found guilty of securities fraud, you face fines as high as $5,000,000 and up to five years in prison for each offense.
Wire fraud – If you have been accused of committing criminal fraud while operating over the telephone, Internet, or radio, you may be found guilty of wire fraud. Wire fraud can include offering false statements about sweepstakes, work-at-home schemes, credit card loss protection, magazine sales, vacation packages, and a variety of other things. If you are found guilty of wire fraud, you may face up to 20 years in prison and as much as $1 million in fines.
What to Do If You Are Accused of Fraud
Because most fraud is considered a felony crime in both state and federal law, you will be prosecuted aggressively in the criminal justice system if you are accused of fraud. You may face jail time and fines, you may be required to make restitution to your victims, and you may be sentenced to probation, community service, or face other penalties.
If you have been charged with any crime of fraud, you need the services of a Kentucky fraud lawyer who is familiar with fraud laws and will defend your case aggressively. You need the services of Dan Carman, a criminal defense attorney in Lexington with experience in all facets of criminal law. Dan has been admitted to practice in all Kentucky state courts, the federal courts in both the Eastern and Western Districts of Kentucky, and in the U.S. Sixth Circuit Court of Appeals. Contact him at (859) 838-1415 or by filling out his online form.