Fraud convictions can have serious consequences, including jail or prison sentences. Depending on the type of fraud, the number of victims, and the amount of financial loss, punishments can range from a misdemeanor conviction of up to one year in a local jail to a felony conviction of several years in prison. Federal charges can lead to 10 years or more in federal prison. In addition to a prison sentence, fraud penalties usually include a restitution order for the victim to recover and fines. The coronavirus pandemic has led to a new type of fraud related to unemployment benefits and identity theft.
Birth certificates, as well as the manufacture and sale of products under false pretenses, are also considered fraud. Fraud schemes are limited only by the creativity of their authors, and Internet access has exacerbated their proliferation by expanding the potential audience. The Fraud Detection and Reporting course is designed to help employees understand different types, characteristics, and causes of fraud. It also highlights the importance of following established company policies to ensure compliance and stop fraud. Each state has its own set of laws for classifying fraud crimes and prescribing the penalties associated with them. Fraudsters often use their community and professional credibility to defraud family, friends, business colleagues, and other community members with whom they have established relationships.
It's important to protect your business and individual reputation by following processes designed to stop fraud with suppliers. At best, fraud crimes and their perpetrators make people wary of legitimate business opportunities and investments. With years of experience defending clients against a variety of theft and fraud charges in Ohio, the team at Luftman, Heck & Associates is ready to help you with your case.