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The Most Common Federal White Collar Crimes Prosecuted in New York City

March 21, 2024 Uncategorized

The Most Common Federal White Collar Crimes Prosecuted in New York City

White collar crime is a big deal in New York City. As a major financial hub–with Wall Street, big banks, hedge funds, and more–there’s a lot of potential for shady business practices. From financial fraud to bribery and corruption, white collar crimes can cost victims millions of dollars.

Federal prosecutors in New York take white collar crime very seriously. The U.S. Attorney’s Office for the Southern District of New York (SDNY) has a whole complex frauds unit dedicated to investigating and prosecuting complex white collar cases.

Common White Collar Crimes

Here are some of the most common white collar crimes prosecuted by federal authorities in New York City:

  • Securities fraud – This includes insider trading, accounting fraud, pump-and-dump schemes, and other ways companies or individuals manipulate financial markets for gain.
  • Bank fraud – Defrauding banks or credit unions, whether its check kiting, fake loans, credit card scams, etc.
  • Money laundering – Attempting to hide the source of illicit funds or make them appear legitimate.
  • Tax evasion – Not reporting income, falsely deducting business expenses, hiding assets overseas, and other schemes to avoid paying taxes.
  • Bribery and corruption – Bribing public officials or other abuses of power for personal enrichment.

There are both civil and criminal laws prohibiting these activities. On the criminal side, charges may include wire fraud, mail fraud, conspiracy, racketeering, and failure to file currency reports. Civil charges can include SEC violationsor forfeiture of ill-gotten gains.

Notable Recent Cases

Federal prosecutors in New York have brought some massive white collar cases in recent years. Here’s a quick rundown of some key cases:

Insider Trading Crackdown

The SDNY has prosecuted a ton of insider trading cases, including against big hedge fund managers like Steve Cohen’s SAC Capital. These cases rely on charges like securities fraud and wire fraud.Some convictions have been overturned on appeal, but many big names are doing prison time.

FIFA Corruption

In 2015, SDNY unsealed a huge indictment against FIFA officials alleging wire fraud, racketeering, and money laundering totaling over $150 million in bribes and kickbacks. Many ultimately plead guilty and several officials received multi-year prison sentences.

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Christine Twomey
2024-03-21
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Brendan huisman
2024-03-18
Alex Zhik contacted me almost immediately when I reached out to Spodek for a consultation and was able to effectively communicate the path forward/consequences of my legal issue. I immediately agreed to hire Alex for his services and did not regret my choice. He was able to cover my case in court (with 1 day notice) and not only was he able to push my case down, he carefully negotiated a dismissal of the charge altogether. I highly recommend Spodek, and more specifically, Alex Zhik for all of your legal issues. Thanks guys!
Guerline Menard
Guerline Menard
2024-03-18
Thanks again Spodek law firm, particularly Esq Claire Banks who stood right there with us up to the finish line. Attached photos taken right outside of the court building and the smile on our faces represented victory, a breath of fresh air and satisfaction. We are very happy that this is over and we can move on with our lives. Thanks Spodek law 🙏🏼🙏🏼🙏🏼🙏🏼🙌🏼❤️
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2024-03-15
Believe every single review here about Alex Z!! From our initial consultation, it was evident that Alex possessed a profound understanding of criminal law and a fierce dedication to his clients rights. Throughout the entirety of my case, Alex exhibited unparalleled professionalism and unwavering commitment. What sets Alex apart is not only his legal expertise but also his genuine compassion for his clients. He took the time to thoroughly explain my case, alleviating any concerns I had along the way. His exact words were “I’m not worried about it”. His unwavering support and guidance were invaluable throughout the entire process. I am immensely grateful for Alex's exceptional legal representation and wholeheartedly recommend his services to anyone in need of a skilled criminal defense attorney. Alex Z is not just a lawyer; he is a beacon of hope for those navigating the complexities of the legal system. If you find yourself in need of a dedicated and competent legal advocate, look no further than Alex Z.
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2024-03-15
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2024-03-12
Hey, how you guys doing? Good afternoon my name is Anthony Williams I just want to give a great shout out to the team of. Spodek law group. It is such a honor to use them and to use their assistance through this whole case from start to finish. They did everything that they said they was gonna do and if it ever comes down to it, if I ever have to use them again, hands-down they will be the first law office at the top of my list, thank you guys so much. It was a pleasure having you guys by my side so if you guys ever need them, do not hesitate to pick up the phone and give them a call.
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2024-03-12
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2024-02-28
Amazing experience with Spodek! Very professional lawyers who take your case seriously. They treated me with respect, were always available, and answered any and all questions. They were able to help me very successfully and removed a huge stress. Highly recommend.
divesh patel
divesh patel
2024-02-24
I can't recommend Alex Zhik and Spodek Law Firm highly enough for their exceptional legal representation and personal mentorship. From the moment I engaged their services in October 2022, Alex took the time to understand my case thoroughly and provided guidance every step of the way. Alex's dedication to my case went above and beyond my expectations. His expertise, attention to detail, and commitment to achieving the best possible outcome were evident throughout the entire process. He took the time to mentor me, ensuring I understood the legal complexities involved to make informed decisions. Alex is the kind of guy you would want to have a beer with and has made a meaningful impact on me. I also want to acknowledge Todd Spodek, the leader of the firm, who played a crucial role in my case. His leadership and support bolstered the efforts of Alex, and his involvement highlighted the firm's commitment to excellence. Thanks to Alex Zhik and Todd Spodek, I achieved the outcome I desired, and I am incredibly grateful for their professionalism, expertise, and genuine care. If you're in need of legal representation, look no further than this outstanding team.

Bernie Madoff

Bernie Madoff ran the biggest Ponzi scheme in history, defrauding investors out of around $65 billion over decades. He was convicted of securities fraud, investment advisor fraud, mail fraud, wire fraud, money laundering, and perjury. Madoff got a 150 year prison sentence and died behind bars in 2021 at age 82.

Opioid Cases

Federal prosecutors have targeted opioid makers like Purdue Pharma with charges like wire fraud and RICO violations for allegedly making false claims about the safety and efficacy of prescription opioids. In 2020, Purdue plead guilty to three felonies and agreed to $8.3 billion in criminal fines and civil penalties as part of a settlement.

Penalties

Penalties for federal white collar convictions can be severe. Under federal sentencing guidelines, prison sentences are calculated based on the amount of financial loss. Other factors like the sophistication of the fraud, number of victims, leadership role, and prior record can enhance sentences. Fines can also be massive, sometimes reaching hundreds of millions for large corporate cases.

Even lower level white collar offenses can mean years in prison. Tax crimes over $100,000, for example, can trigger 5 year mandatory minimum sentences. And restitution to victims is almost always ordered on top of fines and imprisonment.

Defenses

Fighting complex white collar charges requires experienced defense counsel. Possible defenses include:

  • No intent – Prosecutors must prove intent elements like knowingly, willfully, corruptly, etc. Lack of intent can defeat charges.
  • Good faith – Honest belief that actions were lawful, even if mistaken, can defeat fraud charges which require intent to deceive.
  • Statute of limitations – Many financial crimes have 5 or 6 year statutes of limitation barring charges.
  • Suppression – Evidence obtained illegally in violation of 4th/5th Amendment rights may be suppressed.
  • Cooperation – Providing substantial assistance to prosecutors in other cases can lead to reduced or dismissed charges.

An experienced white collar defense attorney can analyze the evidence and applicable law to craft the best defense strategy in a given case.

Citations

[1] Some convictions have been overturned on appeal

[2] huge indictment against FIFA officials

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