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NY Penal Law § 155.42: Grand Larceny in the First Degree
If you are suspected of theft in New York, grand larceny is the offense with which you could be charged. Under New York criminal law, larceny is a legal term for theft, or stealing the property of another individual else with the intent of keeping that property away from its owner. It does not matter if you take it on someone else’s behalf or steal it and then give it to someone else. Larceny can be carried out in several different processes, including trespassory taking, extortion, trick, embezzlement, false pretenses, or writing a bad check. You have committed grand larceny in the second degree under New York Penal Code § 155.40 if you unlawfully take property valued at more than $1,000,000. It is the most egregious of all the grand larceny crimes in the penal code.
For Example
Nate wanted to purchase a new home for his family. He had his eye on a house that was on the market for $3 million. Nate got turned down at the bank for the mortgage because his income was way too low. At this point, Nate decided to forged some documents that showed an income that was significantly higher than his actual income. Nate took those documents in to see another lender. With the falsified employment records, he got approved for the mortgage. Nate subsequently defaulted on the home loan. A little while afterwards, it came to the lender’s attention that Nate had forged the documents. Along with other charges, Nate could be charged with and prosecuted for grand larceny in the first degree due to the fact that he obtained a loan in excess of $1 million based on fraud.
Offenses that are Related
Grand larceny in the second degree: New York Penal Code § 155.40
Grand larceny in the third degree: New York Penal Code § 155.35
Grand larceny in the fourth degree: New York Penal Code § 155.30
Possible Defenses
In order for a charge of grand larceny in the first degree to be valid, the value of the property that you were accused of stealing must be in excess of $1,000,000. If you can demonstrate to the court that the value of the property is actually lower than $1,000,000, then you cannot be convicted of the crime of grand larceny in the first degree. You could, nonetheless, still face lesser grand larceny charges for that crime.
The Sentence
The crime of rand larceny in the first degree is categorized as a class B felony. If you are convicted, you could be looking at as much as 25 years in prison. Unlike the other grand larceny offenses, even if you are a first time offender, if you are convicted of grand larceny in the first degree there is a minimum sentence that the judge is obligated to impose of 1 to 3 years. Moreover, if you have a prior felony conviction on your record, the minimum sentence longer, at 4.5 to 9 years in prison.