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Man convicted of fraud scheme against New Jersey bank

When you are convicted of a crime, there will obviously be legal consequences such as jail time, but there are other things that make a white collar crime conviction, in particular, dangerous to those convicted. Perhaps the two most serious dangers are the lasting effects on an individual's career and the amount of money usually involved in such cases. White collar crimes often deal with tens of thousands of dollars, meaning that a conviction could lead to serious fines or repayments.

A North Carolina resident recently pleaded guilty to masterminding a fraud scheme that cost a New Jersey bank more than $1.5 million. According to prosecutors, the man orchestrated a wire fraud scheme that initiated at least 50 separate wire transfers to bank accounts that he had power or ownership over. With these fraudulent gains, he purchased a house in North Carolina and spent massive amounts of money on airplane tickets, hotels and many other luxuries.

The man was able to accomplish this because he was employed by the bank, which allowed him to make fraudulent entries in the bank's records and create phony documentation. As a result of his conviction, the man will spend more than three years in prison, forfeit the home he purchased and pay back more than $1.6 million in restitution. Additionally, once he is released from prison, he will be supervised for two years in an effort to prevent additional fraudulent activity.

This case highlights very clearly just how serious fraud convictions can be. If you are convicted of fraudulently gaining and spending money, you will have to pay that money back, and it could cost you hundreds of thousands of dollars. This is why it is extremely important for those accused of white collar crimes to seek the aid of an attorney. Even if the evidence seems inescapably stacked against you, legal aid may be able to help you with your case.

Source: New Jersey Herald, "Man sentenced for fraud scheme that cost bank $1.5 million," Sep. 5, 2015

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