The FBI’s role in investigating white collar crime includes providing information to the public about recent investigations and criminal charges. White collar crimes that the FBI investigates include embezzlement, securities fraud, wire fraud, identity theft and money laundering, to name a few. The U.S. Department of Justice participates in publishing press releases about current white collar criminal investigation cases.
Recently, federal authorities charged a North Carolina man with an indictment related to an investment scheme. The financial fraud allegations claim that the man provided false information to convince people to invest in his company. The man allegedly told investors that they would see a significant return on their investments, and that all of the money they invested would be safe and secure.
The press release goes on to say that rather than invest the funds in the shipment of goods as promised, the man allegedly used the money for personal reasons, including paying off creditors and engaging in high-risk securities trading. The charges include wire fraud, which could result in a prison term of as many as 20 years and a fine of as high as $250,000. The man also faces a charge of money laundering, which could result in a 10-year prison sentence and a fine of either $250,000 or up to twice the amount of property he gained through the alleged scheme. According to the indictment, the investment scheme netted the man $800,000.
Even when a court determines a person is not guilty of charges, the damage done to a reputation from press releases and public investigations may be significant. Many people opt to hire a criminal defense attorney before authorities file charges in order to prevent an allegation from ruining their credibility.