Regarding criminal court cases, there are many types of financial fraud cases that litter the courtrooms all over America. Some of the kinds of financial fraud that occur are embezzlement, identity theft, bribery, tax evasion, mortgage fraud, securities fraud, insurance fraud, bank fraud (writing bad checks), money laundering and counterfeiting to name only a few.
Financial fraud is committed by individuals, corporations and even organized crime syndicates. Countless victims are affected by financial fraud every year including individuals, small entities, up to entire countries. We have all been witness to many of these crimes splashed across media outlets during litigation.
Prosecuting Financial Fraud Cases
When these types of court cases are processed through the justice system, a wide variety of outcomes ensue. The penalties can range from very light to extremely severe and affect only a few or thousands of people. Sentencing for these types of crimes is not an exact science which is why the punishment can vary so greatly.
There is an assumption that white-collar criminals are treated with kid gloves as opposed to violent crimes which are treated more harshly.
Often in the cases of financial fraud, the defendant’s attorney will bargain a plea deal for a lesser sentence to avoid a trial or minimize jail time for their client.
For the most part, those involved in financial fraud who were less hands-on, receive lighter sentences and those more directly involved usually get hit with harder sentencing.
Fewer than you might expect financial fraud cases result in jail time. White collar criminals often confess that they “never expected to get caught” so jail was not a deterrent. It is the opinion of many prosecutors that perhaps if more of these highly publicized cases were sentenced heavier, we would see fewer financial fraud crimes committed in the United States.
A big factor in the complex process of sentencing for financial crime is how many people and how badly were they affected by the offense. In many cases the money is gone so there is no way to recompense for the lost value.