According to the FTC, registered 35,000 fraud and economic cases in Tennessee in 2020. There are reports of Internet scammers stealing more than $28 Million from Knoxville and Tennessee Residents in 2018.
Fraud and economic crimes refer to the form of theft that happens when an individual or entity takes money and uses it illegitimately to earn a profit. Here are some essential things you need to understand about fraud and financial crimes.
Bribery
According to the 2010 Tennessee Code, bribery of a public servant is a Class B felony, a serious crime. Also, the law states if the public servant has agreed or has accepted a bribe, it is also considered a severe crime.
Suppose any public servant has demanded a bribe for you or has been falsely accused of bribery. In that case, you need to consult criminal lawyers Knoxville TN, and discuss your bribery case. There have been reports in the newspaper about a former chairman embezzling from a local law firm and pocketing more than $100,000 in the form of bribes. If you are a victim of embezzlement or bribery, you can always consult a criminal lawyer.
Fraud
There are different types of fraud like identity theft, insurance fraud, tax evasion, and wire fraud. According to FTC data, Tennessee residents report identity theft frequently, and there are several reports of impostor scams, fraud from online shopping, bank, lenders, and credit bureaus.
If you are accused of fraud charges, you need the best criminal lawyers in Knoxville, TN, to protect your assets and potential confiscation proceedings. Fraud lawyers have years of experience in crisis management, and they can protect you and your business reputation after a fraud case.
Embezzlement
It refers to an act when a person who is assigned to manage money or property commits fraud. If you are accused of embezzlement by your employer, you need to consult a criminal lawyer to fight the charges in court. The lawyer can also work as a negotiator between you, company and help settle the case.
If you are embroiled in an embezzlement case, it is good to have a lawyer who can keep things civil and professional and make the court proceedings less stressful for you.
Money Laundering
According to leading statistics, $800 billion – $2 trillion are laundered globally. FTC had reported 28,000 cases of fraud in 2019, which led to a loss of $20.7 million. If you are accused of money laundering, you might have to pay $500,000 as fines per U.S. Code § 1956. In some cases, the accused must pay twice the value of the property involved in the transaction.
False accusations are common, but you should not lose hope. You can always consult a criminal lawyer who can fight the charges levied against you and save you from a prison term.
Tax Evasion/Fraud
As per Tennessee Code Section 67-2-121, tax evasion or fraud is considered a severe crime. The punishment in these cases depends on the severity of the case. For example, if you are guilty of a Class C violation, you could be required to spend 30 days in jail and pay a $50 fine.
To sum up, financial fraud lawsuits are complex, and you need a good lawyer to prove your innocence. Make sure you choose a criminal lawyer specializing in fraud and financial crimes to fight your charges in court.
