We've all heard of scammers using pyramid or Ponzi schemes as a way of taking advantage of hopeful, unsuspecting investors to get rich. What you may not know is that there are many laws in place in Ohio that prohibit these fraudulent activities.
Taking money or property that doesn't belong to you and using it for your own gain, with no intent of giving it back, is generally considered a theft crime in the state of Ohio. Embezzlement is similar to other crimes of theft and/or larceny, but differs in that it typically occurs when one party has legal access to someone else's money or property for management purposes, but ends up illegally diverting funds or otherwise using the other party's money for themselves without permission. With other crimes of theft, the offending party generally does not have legal access to the other party's money or property.
Many people make money on various investments. In the vast majority of cases, this is an ordinary thing to do. Sometimes, investments work out, and at other times, they do not yield the profit expected and may even be a total wash.
In addition to jail and other penalties, a person who is accused of crimes related to embezzlement or money laundering also faces the strong possibility of being ordered to pay restitution.
Previous posts on this blog have discussed various federal and state criminal charges that Cincinnati, Ohio, residents can face and that generally speaking have to do with how one handled his or her finances.
Although this blog has talked about it before, there may be some confusions in the mind of Cincinnati, Ohio, residents as to what exactly money laundering is.
Whether in a private corporation, a public entity or even a charitable non-profit organization, those who control the money have a great deal of power and responsibility.
White collar crimes may not seem as serious as other criminal offenses; however, these crimes can carry significant penalties. State laws treat embezzlement differently, and in Ohio, the laws surrounding the penalties for embezzlement are within the laws about theft. Generally, a number of factors can affect the charges that one is facing and the penalties associated with it, including the type of property stolen and from whom it was stolen, as some victims can belong to a protected category, such as the elderly or disabled. Additionally, the value of the assets stolen and the person being accused's criminal history is also considered when these decisions are being made.
Exploiting price discrepancies in different markets of an identical or similar asset is not an illegal practice, contrary to what many Ohio residents think. This practice often generates low profits at low risks-the seller is simply buying in one market while simultaneously selling in the other. For example, a stock may be trading at $10 in one market and $10.10 in another. A trader would buy it at $10 and sell it at a higher price in the other market. This type of low profit sale is actually encouraged in some markets to erase market inefficiencies.
Many people believe that white-collar crimes are victimless. Unlike theft or robbery, where the victim is identifiable, embezzlement or money laundering doesn't target a specific person. This is Ohio residents may think the penalties associated with it are lenient, but this is not the case. White-collar crimes are treated very seriously by the authorities and often give rise to monetary fines and imprisonment.