The duplicitousness of insider trading effects more than just shareholders, as the effects are often felt throughout the community. By using information not readily available to the public to make financial transactions, insiders effectively are abusing the system and committing white collar crimes for their own benefit.
There are many forms of fraud, but one of the most common forms is wire fraud. Wire fraud generally involves a defrauding scheme over the phone, internet, or other form of electronic communications.
Stealing someone's personal information or identity for personal gain is against the law in the state of Ohio. Certain professions, such as nursing, meet criteria to lawfully practice. For example, nurses generally need to have a license to practice, as well as a degree from an accredited nursing school.
The use of online banking, e-mail, social media, and the internet in general has made identity theft a highly prosecuted crime over the past couple of decades. The crime of identity theft requires that someone steals another person's identity by using their personal information (e.g. Social Security number, birthdate, name) for fraudulent purposes or financial gain. If convicted of identity theft, you could face serious consequences, particularly if the victim is an elderly or disabled person, or military person.
Ohio residents have a responsibility to conduct their business with integrity and honesty. When a person commits a crime to make some extra cash, they may be charged with a white collar crime. The type of crime they are charged with will depend on the type of fraud committed and the amount of money wrongfully obtained.
Check fraud of any kind can result in serious criminal penalties in our state. Purposely writing a bad check, signing another person's name to a check or knowingly attempting to cash a fraudulent check are all forms of fraud that may be punishable by a fine or jail time.
Signing someone else's name on a legal document, creating a fake ID or presenting a forged check to be cashed, could all be charged as the white collar crime called forgery. Under Ohio Revised Code, Section 2913.31, forgery can be classified as a misdemeanor or felony, depending on the severity of the crime.
Taxes are generally due on April 15th each year, and failure to pay them could result in criminal prosecution. Under Ohio Rev. Code Sec. 5747.15, a person who fails to file a tax return or purposely underpays their taxes may be charged with tax evasion, while a person who purposely reports false information on a tax return to avoid paying taxes could be charged with tax fraud.
Anyone involved in any sort of business transaction is at risk of facing fraud charges. It is easy for someone to accuse one of obtaining another's money or property, or using that money or property for unlawful purposes or personal gain. Signing someone else's name to a document, falsifying documents, making false statements on a welfare or loan application or using a credit card without the owner's consent are all forms of fraud and could result in serious criminal charges.
Earlier this month, we discussed how money laundering in Ohio can result in felony charges. A man from Mason, Ohio was recently indicted for his alleged involvement in a money laundering scheme. The man, along with a man from Denver, Colorado, were indicted on various charges including misrepresentation in the sale of securities, money laundering, theft, securities fraud, and selling securities without a license. Arrest warrants were apparently issued for the two men.