What are Federal Fraud Crimes?

In FEDERAL CRIMINALby johncannon

Introduction to Federal Charges in Oklahoma

The Federal Criminal Defense Attorneys at Cannon & Associates are FIERCE ADVOCATES for those charged with any and all federal crimes. We have successfully defending many clients in federal court across Oklahoma.  We are led by John P. Cannon, a former Assistant District Attorney and Assistant Attorney General who prosecuted crimes in state court before becoming the experienced Edmond criminal defense attorney he is today. A successful defense can result in a case dismissal, dropped charges, or a not-guilty verdict at your federal criminal trial.  If you or a loved one is under investigation or has been indicted, call us for a free confidential case evaluation. Edmond Federal Crimes Defense Attorney John Cannon is a FIERCE ADVOCATE and available to talk to you today. Call Cannon & Associates at (405) 657-2323 and prepare your defense. 

Federal Fraud

Being accused of federal fraud crimes, can result in serious consequences including prison time, a federal felony conviction, and lifelong negative impacts. Cannon & Associates can be your FIERCE ADVOCATE, if you have been arrested or charged with a federal fraud crime. We will fight for you and help you secure the best possible outcome for you and your family.   Our team has extensive experience in all types of white collar crime, including federal fraud crimes. We are prepared to defend you and your accounting or bookkeeping. In federal financial fraud cases, your defense can be strengthened with the assistance of independent financial experts. The attorneys at Cannon & Associates fight for clients every day and will fight for you in your federal financial crime case. 

What is the Punishment for Federal Fraud Crime?

The dollar amount of the loss or damages plays a major role in the potential punishment for federal fraud crimes. Therefore, one of the most important aspects of a strong defense to federal financial or fraud crimes is accounting and identifying the exact amount of loss to minimize the expose to higher punishment ranges. 

What are the most common Federal Fraud Crimes?

Federal law defines fraud as an intentional deception or misrepresentation used to benefit yourself or someone else. Multiple types of federal fraud exist under federal law. Each type of federal fraud carries specific punishment and penalties. The following list is not exhaustive; however, it does represent some of the most common types of federal fraud: 

Mail and Wire Fraud

Mail and wire fraud is prosecuted in federal court, as opposed to state criminal court, because mail and wire communications inherently cross state lines and the federal government is better suited to prosecute these cases. Federal law makes it a crime to use the mail or any wire communication, including the Internet, for any fraud of scheme to defraud. These federal crimes are broad in nature, applying in many unexpected instances, i.e. a bribery case that included making a telephone call or mailing a letter. Federal prosecutors can charge a wire fraud or mail fraud offense in addition to bribery or any other relevant charges. 

Tax Fraud

Tax fraud or tax evasion, occurs when a taxpayer attempts to avoid paying federal income taxes or attempts to pay far less than the appropriate amount of income tax.  This federal fraud offense can take multiple forms: overestimating business expenses, misrepresenting income, or failing to file a tax return. Tax fraud is unbelievably common. The IRS claims tax fraud or tax evasion results in roughly $2 trillion of unreported / untaxed income per year. 

Securities Fraud

Securities and commodities markets, i.e. the stock market, are regulated by the federal government. Security Fraud covers an even broader range of federal crime than tax fraud, including: Ponzi schemes, pyramid schemes, insider trading, investment schemes, embezzlement by brokers or brokerage firms, and currency fraud.  Securities fraud federal charges are most often brought against brokerage firms, investment banks, or stockbrokers for deceptive practices against clients or other investors.  Insider trading occurs when someone uses investment information not available to the public for personal or professional gain. 

Medicaid and Medicare Fraud

Medicare and Medicaid are the public health insurance for millions of Americans. The federal government pays for or subsidizes these programs for millions of Americans. As a result of the millions of dollars running through Medicare and Medicaid every year, these programs are often targets of fraud. The most common Medicare and Medicaid fraud occur when a healthcare company or provider collects reimbursement from the government for services that were never provided or performing unnecessary procedures for money.  

Penalties

Federal fraud crimes can be misdemeanor offenses; however, most federal prosecution offices focus their work on more serious or damaging cases. The punishment for federal financial fraud crimes typically carry prison sentences, restitution to the government or individual victim(s), large fines, and intense probation: 
  • Prison. Someone convicted of a federal fraud crime faces federal prison. The sentences for some serious federal fraud convictions carry up to 30 years in federal prison per violation. However, the length and difficulty of an offender’s sentence is based on the loss, their criminal history, as well as the punishment range for the specific offense. It is possible to avoid federal prison, if your federal fraud defense lawyer can convict the court to sentence you to supervised release or probation.
  • Restitution. Almost every federal fraud case involves restitution as a portion of the sentence. Restitution is designed to make financial victim’s whole. Restitution is a penalty that must be paid in addition to the fine assessed in your case. 
  • Fines. The maximum fine for every federal fraud crime is very high.  Mail Fraud and Wire Fraud carry a fine up to $250,000 for each violation. Businesses and Corporations indicted for fraud will routinely be fined millions of dollars.
  • Probation. It is possible to never see the inside of a federal prison for some federal fraud crimes and the correct approach to the case. Federal sentencing judges have the authority to sentence federal offenders to supervised release or probation in almost all federal fraud cases. Probation will certainly come with fines, restitution, and additional terms of probation; however, all of this is better than a federal prison sentence. You will have a closer relationship with your probation officer than you want, if sentenced to probation; however, as previously stated it is worth avoiding prison.
By hiring the right federal fraud defense lawyer and taking a proactive and aggressive approach, you can build a winning defense strategy and obtain the best result possible in your federal fraud case. 

Federal Criminal Defense Lawyers serving Accused in Oklahoma

At Cannon & Associates, we provide experienced federal criminal defense for those accused of state and federal crimes in Edmond, Oklahoma City, and beyond in Oklahoma. We understand the federal detention hearing process, federal criminal jury trial, and the guidelines governing federal criminal proceedings and sentencing for federal crimes. We offer free confidential case evaluations and can advise you on the steps to seek pre-trial release and defending your federal criminal case as a whole. 

Conclusion

Experience matters when you are facing federal indictment in Oklahoma or the potential loss of your freedom. It is important to know the Oklahoma federal criminal defense lawyer you hire is dedicated to your cause and versed in all aspects of federal criminal defense and federal sentencing guidelines. John Cannon, owner of Cannon & Associates is a former prosecutor and very experienced in the law and issues associated with fighting federal criminal charges and criminal jury trial. He has been recognized as a Super Lawyer and Top 40 under 40 in criminal defense. Contact Cannon & Associates to protect your rights and Fight your case. Complete the CONTACT FORM ON THIS PAGE NOW or CALL at 1(405) 657-2323 for a free confidential case evaluation.