According to the U.S. Securities and Exchange Commission, Ponzi schemes are a type of investment fraud by which current investors are paid by using funds that were gathered from additional investors. These schemes often fall apart when it becomes tough to find more investors or current investors decide they want out. If you are accused of running a Ponzi scheme in Minneapolis, or any other Minnesota city, you may face significant consequences. At Joseph S. Friedberg Chartered, we know firsthand how financial fraud charges can completely upend an individual’s life.
Aside from Ponzi schemes and various forms of investment fraud, there many other examples of financial fraud, such as identity theft, falsifying a financial statement or writing a bad check. You may feel like these crimes are not as serious when compared to other offenses, but you should understand the harsh penalties that you could face if you find yourself accused. For example, you could spend a number of years behind bars and hefty fines that leave you financially devastated. Additionally, you could find yourself out of a job or the company you own could be forced to close. As a result, If you have been accused of being involved in a Ponzi scheme or another financial crime, it is essential to carefully assess every option you have.
Accusations of financial fraud may feel overwhelming, but taking the right approach in a swift manner can be very beneficial. If you visit our page on financial fraud, you can review even more material concerning Ponzi scheme charges.