Financial Fraud Crimes
Table of Contents
Financial Fraud Crimes: What makes your case state or federal?
The weapons of choice for criminals committing financial fraud crimes include a telephone, letter, glossy publication, or brochure offering free vacations, merchandise, investment opportunities, or services.
Not all financial fraud involves the selling of goods to consumers. Some financial fraudsters target institutions and/or businesses.
Some examples consist of:
- Telemarketing fraud solicitation for phony goods or services. Remember, the IRS will never call you
- Mail fraud
- Pensions and trust fund fraud
- Embezzlement
- Pyramid or Ponzi schemes
- Credit card and check fraud
- Identity theft
- Fraud related to securities, commodities, and other investments
- Bank fraud
- Health care and insurance fraud
- Advance fee schemes
- Internet fraud
What makes your case a federal matter?
According to the Department of Justice, as defined here, fraud crimes can be prosecuted at either the state or federal level, depending on a number of factors. However, in all of the years doing corporate investigations and working with local and federal law enforcement agencies (LEA’s), it has always been a challenge to get cases elevated to a level that federal LEA’s want to get involved. And unless the case is easy and clearly defined, even local LEAs hesitate to get involved. Especially, if it’s a complex case.
- Type of fraud scheme and amount of money stolen.
- Some financial crimes are too small for local law enforcement to get involved with.
- Some financial crimes are too large for local law enforcement. Yet, too small for federal law enforcement.
- Federal law enforcement really only gets involved with extremely large cases. And even then, it can be a challenge.
- Laws violated (federal, state or both)
- Only violations of federal law will be classified as a federal matter.
- Only violations of federal law will be classified as a federal matter.
- Method of operation
- Credit card fraud can always be classified as a federal crime as the transaction goes from the state of origin, to a clearinghouse in another state, then to the banks corporate headquarters and/or datacenters then back. By definition, the credit card transaction always crosses state lines.
- Credit card fraud can always be classified as a federal crime as the transaction goes from the state of origin, to a clearinghouse in another state, then to the banks corporate headquarters and/or datacenters then back. By definition, the credit card transaction always crosses state lines.
- Use of public services (such as the U.S. Postal Service, Telecommunication systems, and Medicare) that fall under federal or state regulation and authority.
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