Defining Ponzi Schemes
When returns to investors are paid through an investor’s own money it is known as a Ponzi scheme because it is a fraudulent investment. Instead of actual profit being used to pay out to an individual or organization the earnings due to them, the “profits” obtained are really no more than a person or business’s own money or the monies paid by subsequent investors. The financial and fraudulent nature of this type of scheme makes it a white collar crime.
If you have partaken in actions which promised investors unusually high returns in a short amount of time and then used that investor’s own profits to pay them their returns, you have effectively engaged in the criminal act of a Ponzi scheme. This type of act is considered to be premeditated which makes it even more punishable by law. If you have been accused of using the Ponzi scheme to defraud another, then you should immediately act to defend the rights and freedoms that will be at stake should your case go to trial. With the help of a Chicago criminal defense attorney you can rest assured that the appropriate steps are being taken to secure your future wellbeing.
Chicago Ponzi Schemes Lawyer
It’s true, white collar crimes are not of a violent nature; they don’t involve weapons or drugs and they weren’t performed in violation of your probation. However, this fact does not exempt them from severe penalties. In fact, white collar crimes such as embezzlement, mail fraud, money laundering and Ponzi schemes are in direct violation of federal laws, and as such they will be tried at the federal level. This means that a more intensive and greater investigation will be conducted to assess the nature of the crime and the conviction at hand.
Decades of state or federal imprisonment can result from being found guilty of a white collar crime. There is no telling what agencies such as the Federal Bureau of Investigation (FBI) and the Securities Exchange Commission (SEC) will find when they probe into the happenings of your life up until your Ponzi scheme charge. In order to best protect yourself against any future loss of rights and/or prison time you should connect with a criminal defense attorney as soon as possible.
Don’t leave yourself susceptible to the harsh penalties of the law without legal defense by your side. Contact a Chicago Ponzi schemes lawyer today.