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Philadelphia Federal Financial Fraud Charges: Tax, Banking, Mortgage, Credit
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Philadelphia Federal Financial Fraud Charges: Tax, Banking, Mortgage, Credit
Financial fraud is a big problem. Lots of people in Philadelphia get charged with federal crimes related to taxes, banking, mortgages, and credit. I want to break down the common charges and what they mean.
Tax Fraud and Evasion
Not paying taxes you owe is illegal. People try to avoid paying in sneaky ways which is tax evasion. Or they lie on tax forms to pay less which is tax fraud. The IRS and prosecutors take this very seriously.
Some examples of tax crimes people get charged with:
- Filing false returns – Lying about income or deductions
- Hiding money and assets offshore to not report it
- Using fake businesses and expenses to deduct more
- Not reporting cash businesses and income
Charges for tax crimes can include tax evasion, filing false tax returns, conspiracy, wire fraud, and more. Penalties are huge fines and years in prison.
Mortgage and Bank Fraud
Lying to get loans and credit is very common. But it’s illegal and can mean serious charges. Common mortgage and bank frauds include:
- Lying on loan applications about income, assets, debts
- Using fake documents and bank statements
- Getting multiple loans on one property
- Getting loans for fake properties and businesses
People also commit frauds against banks like check kiting, credit card scams, and stealing identities to open accounts. And bankers sometimes embezzle money too.
Charges can include bank fraud, wire fraud, loan fraud, identity theft, and racketeering. Penalties include long prison sentences and having to pay back all the money.
Mortgage Relief Scams
Lots of people lost their homes after the 2008 crash. Scammers targeted struggling homeowners with mortgage relief scams promising to help them avoid foreclosure.
Some examples:
- Charging fees for fake loan modifications
- Filing false bankruptcy paperwork
- Renting out the home illegally without the owner knowing
Most victims lost their homes AND all the fees they paid. The scammers pocketed millions with no remorse. Charges included wire fraud, identity theft, and money laundering.
Credit Card Fraud
Stealing and using credit cards is very common. Criminals get card numbers online illegally to make fake cards. Or they steal real cards and use them to buy stuff.
Other examples:
- Employees steal customer card data
- Skimmers on ATMs and gas pumps
- Phishing emails to get login details
Stolen card info gets sold online too. And people use it to buy stuff on the dark web illegal markets.
Charges for credit card fraud include access device fraud, identity theft, computer hacking, wire fraud, and aggravated identity theft which adds mandatory prison time.
What To Do If Charged
Getting charged with federal fraud crimes is scary. Penalties are severe – years in prison, asset seizure, and repaying all money. So you need an experienced white collar criminal defense lawyer on your side asap.
An attorney can help by:
- Negotiating with prosecutors for reduced charges
- Guiding you through the legal process
- Assembling evidence and documents to help your case
- Mounting legal and factual defenses in your favor
Having a top lawyer who regularly handles financial fraud cases can make all the difference. They know how prosecutors work and the strategies that succeed.
So don’t wait to seek help from a qualified federal defense lawyer. Time is critical when building a defense. The sooner you start, the better the likely outcome will be.
Financial crimes carry severe punishments. But an experienced attorney can negotiate reduced penalties – even avoiding prison time in some cases. So take these charges very seriously and seek professional representation immediately.
Citations
Tax Evasion Law: https://www.law.cornell.edu/uscode/text/26/7201
False Tax Return Law: https://www.law.cornell.edu/uscode/text/26/7206
Bank Fraud Law: https://www.law.cornell.edu/uscode/text/18/1344
Access Device Fraud Law: https://www.law.cornell.edu/uscode/text/18/1029