When you’re facing prosecution for charges of financial fraud, either as an individual or from the perspective of a company, the process of defending yourself can be very daunting. There are substantial fines that can be raised as punishment. As an individual, a successful prosecution of accounting fraud can even land you behind bars.
Put simply, cases of accounting and financial fraud are complex. All too often, otherwise competent defense attorneys simply don’t have the experience or knowledge necessary to properly defend these types of cases. You need to know that the people representing you can get the job done.
The attorneys at the Norman Spencer Law Group have years of experience defending exactly these types of cases, for both individuals and businesses at the federal level. If you need competent, compassionate representation, get in touch.
What is Financial or Accounting Fraud?
Accounting fraud can seem fairly complicated or confusing, but at the core of it is intentionality. In order to be found guilty of accounting fraud, it has to be proven that you intentionally misrepresented or falsified your books or accounting records. This could be about a wide variety of things, but it’s most commonly about your expenses, revenue, sales, anything that might typically allow you to pay less in taxes, get new loans from the bank that you otherwise wouldn’t qualify for, or even to increase the value of your stock. But again, the intention must be there, and it must be proven.
Following the Generally Accepted Accounting Standards, as set by the Financial Accounting Standards Board, is one of the best and most direct ways of staying in compliance with the law. This is because it provides a standardized, accepted way for your records to be recorded and reported accurately. By following these rules and guidelines, you’ll be reducing your chance of there being major discrepancies in the numbers. From items classification on your balance sheet to revenue recognition and more, the GAAP will solve many of your problems before they even arise.
What Are the Different Kinds of Accounting Fraud?
As with many criminal charges, “accounting fraud” is more of an umbrella term that covers a wide variety of actions, each of which could result in separate charges like mail and wire fraud, conspiracy, or making false statements, among others. But regardless of individual differences, all of these charges relate to some sort of fraudulent behavior such as creating false statements, selling at the end of the quarter in order to meet a forecast, overstating the value of your assets, falsifying statements for regulators, and other similar activities.
Another aspect of prosecution in cases like these is just how public the company is. If this happens to be a company that’s in the public eye, you’ll very often see a harsher effort by the prosecution, as a way of deterring other companies and individuals from engaging in the same sort of behavior.
With that said, it should be known that prosecution for financial or accounting fraud isn’t just pursued for larger companies. Criminal charges can be pursued even for smaller businesses that engage in criminal accounting fraud. Even individuals can be charged as well, typically for doing things like preparing financial statements that are fraudulent. For all those reasons and many more, it pays to have representation that deeply understands both the nuances of the law as well as your own specific situation.
What Penalties Might I Face?
Each case of criminal accounting fraud is unique, and the consequences you face will generally depend on what your charge or charges are. As accounting fraud is an umbrella term, it’s actually very common for individuals to face a number of charges all at once for one action or a series of related actions. When you factor in the deterrence factor that can very often accompany the charging and prosecution of white-collar crimes, you could find yourself facing several charges, hefty fines, and a lengthy prison sentence.
It goes without saying that you’ll need the most competent and capable lawyers on your side in order to mount a successful legal defense. Along with this, penalties and procedures can vary significantly between state and federal courts, so you’ll need an attorney who’s experienced and skilled specifically in federal defense work. The last thing you want is to go with a lawyer or firm that isn’t properly equipped to navigate the nuances of your case and who are willing to work hard to get you the best results possible.
What Sets Norman Spencer Law Group Apart?
The sad truth is that not all attorneys and firms are equal, and it can be difficult to know that the people you’re choosing to represent you are the best folks for the job. When you add to that the stress of facing charges and staring down the possibility of hefty fines and a lengthy prison sentence, you want to be sure that you’re doing all you can to defend yourself.
Norman Spencer believes that every client deserves 1:1 service. That means that you can expect to receive effective, personalized services that are tailor-made to not only your specific case but also to you as an individual. The Norman Spencer Law Group is skilled and experienced at handling cases of any scale and complexity, so whether you’re facing a relatively minor accounting fraud charge as an individual or are facing a slew of charges in relation to the practices of a large and public company, we can help.
We offer a variety of legal services and consultations remotely, using widely accessible tools such as Zoom, Skype, and Google Duo. Most importantly, we’ve built a track record of taking on a variety of cases, even quite complicated ones, and winning them. Reach out today and get started on getting the help that you need.