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Fraud crimes are defined as unlawful or criminal conduct intended to obtain financial or personal gain. Each type faces different penalties and serious consequences, depending on how the scheme is implemented.
What Is a Fraud Lawyer?
Lawyers who specialize in fraud can defend criminal charges for:
- Tax fraud, tax evasion, or filing a false tax return
- Bank fraud
- Wire fraud
- Telemarketing fraud
- Bankruptcy fraud
- Credit card fraud
- Identity theft
- Mail fraud
- Auto dealer fraud
- False advertising or misrepresentation in sales transactions
- Bribes or kickbacks
- Bond issuances and investment schemes
- Fraudulent insurance claims
- Check fraud schemes
- Falsifying loan applications
- Crimes against the federal government
What Does a Fraud Attorney Do?
Fraud lawyers represent defendants in cases in which they have been accused of engaging in fraudulent activities that caused economic harm to others.
When To Hire a Fraud Lawyer
Knowing if Your Case Is a Fraud Litigation
A defendant who files a fraudulent lawsuit must meet a few burdens of proof. First, he or she must prove that the other party lied or materially misrepresented facts and figures. The defendant must also have known the statements were false. It must also be shown that the defendant knew he or she was relying on false information and believed it to be accurate.
You might have a case if you meet all of these criteria. Nonetheless, it can be difficult for an average person to make an informed decision without the assistance of a knowledgeable lawyer.
Fraud Classification
Fraud can take many forms. The most common categories that courts hear are business fraud
and securities and investment fraud.
Business Fraud
Fraud in this category is classified as unlawful business practices that can include passing bad checks, obtaining credit, or engaging in contracts that a party does not intend to fulfill.
Securities and Investment Fraud
A stockbroker pushes an investor to buy or sell a security based on false information. Due to the investor’s lack of knowledge of the fact that the information is false and his or her reliance on the advisor, the investor can end up with significant losses. These frauds include Ponzi schemes, insider trading, falsifying financial statements, and embezzlement.
You may also be able to qualify under a hundred different variants, though these are the most common. Choosing an appropriate court strategy will depend on how you classify your case.
The Laws Are Complicated
The state or federal law surrounding business fraud and fraud litigation is extremely complicated. It may be beneficial to hire a team of lawyers with varying specializations, depending on the type and scope of the fraud.
Defending yourself can be difficult, and you may suffer from endless paperwork, improper filings, and other judicial nightmares. Hiring a lawyer with experience in the area you need can help you save time and heartache.
How Do I Choose a Fraud Attorney?
Keep the following questions in mind when speaking with the best fraud lawyer near you:
- Are you compatible with the attorneys? Even if you have a highly experienced fraud lawyer near you, if you don’t get along, your case will be more difficult. It is important to have a solid attorney client relationship.
- Will communication be timely and effective? Find out how long it will take each lawyer to respond. Avoid unnecessary aggravation caused by excessive delays by choosing an attorney who is committed to regular communication.
- Is the lawyer budget-friendly? To get the results you need, you must discuss money. Be sure to discuss fees and costs upfront.
How Much Does the Average Fraud Lawyer Cost?
Either a flat fee or an hourly rate may be charged by the attorney. In white-collar criminal cases, attorneys rarely charge a flat fee because, in general, the cases are all unique and require different amounts of time and effort. In some cases, however, an attorney may charge a flat fee of $1,000 to $3,000, such as for a simple misdemeanor charge.
Most criminal defense attorneys bill for their services on an hourly basis. A flat fee arrangement is simply not reliable for measuring the various costs of a criminal case. Hourly rates for legal counsel vary greatly. The hourly rate for a criminal defense attorney can range between $150 and $700. In the case of this type of fee structure, the bill may reach $10,000 to $15,000 fairly quickly.
Do Fraud Attorneys Usually Charge for Consultations?
A fraud law attorney usually charges for the initial consultation. A lawyer for fraud near you usually charges by the hour. Some law firms, however, may offer a free case evaluation. Other firms charge a flat fee for that initial meeting. Your first consultation will give you the chance to learn more about your case and determine whether the firm is right for you. Along with providing you with a quote, your attorney will also explain the next steps.
Frequently Asked Questions
What is financial fraud?
Fraud occurs when deception or criminal activity is used to obtain money or assets from a person. Securities fraud, which involves deceiving investors or manipulating financial markets, is a form of financial fraud.
Securities fraud can take several forms:
- Investment frauds with high yield—This type of fraud involves promises of high rates of return with little or no risk.
- Schemes involving advance fees—For these schemes, victims advance relatively small amounts of money in hopes of realizing much larger gains, which never materialize since there is no legitimate investment involved.
- Pump-and-dump schemes—These schemes attempt to boost the price of a stock through false, misleading, or exaggerated recommendations.
- Pyramid & Ponzi schemes—These fraudulent schemes promise investors high rates of return using money collected from new victims.
What is the best way to prove fraud?
Fraud must be proven in several ways. Investopedia describes the fraudster’s specific acts as follows:
- False statements were made as material facts by the perpetrator.
- The perpetrator of this statement knew that it was false.
- It was the perpetrator’s intention to deceive the victim.
- It can be shown that the victim relied on the perpetrator’s false statement.
- A victim suffered losses as a result of acting on the intentionally false statement.
You can hire a financial fraud attorney to collect evidence and file a claim for fraud. In the event that fraud takes place, fraud attorneys near you can help you seek compensation for your losses.
What constitutes mail fraud?
Fraudulent schemes using the postal service are illegal. Besides the U.S. Postal Service, the law also applies to any private or commercial interstate carrier.