Lexington Business Fraud Defense Attorney

Have you been charged with business fraud?

The first thing you need to do after you’ve been arrested for business fraud, is to call a Cooley, Iuliano, Robey PLLC fraud attorney at 859-636-6803. Each of our partners is a member of the National Association of Criminal Defense Lawyers, as well as the Kentucky Bar Association.

Our skilled business fraud defense attorneys are always prepared to do a full investigation and defend your case, all while protecting your rights from the prosecution while they pursue their business fraud case against you. Our business fraud law firm and business fraud attorneys are going to make certain that the Commonwealth of Kentucky is held to their burden of providing their case beyond a reasonable doubt.

What is business fraud?

Business fraud is a broad term that encompasses a wide array of crimes dealing with businesses, or the individuals involved in a business, and it’s separate from theft, insurance fraud, and another financial crime. Kentucky has several of these laws in its statute. There’s “deceptive business practices”, charging a person that uses or possesses an instrument to falsely measure a product or service, with the intention of cheating the consumer, by delivering or selling less than the represented quantity of what is being sold, or when a business is selling or offering for sale mislabeled products on purpose. There are many ways this can be done, and many who can be charged, from the owners of the business to a knowing employee.

Another type of business crime or fraud can be operating a sham or front company, and those charges are applicable for anyone involved in that crime, either by creating small businesses meant to launder money and being the person who opened it, or operates it, or was only an assistant in setting it up.

It’s even a type of business fraud to operate a weight or measure or any other device that alters the actual weight or quantity of a product or service, without the knowledge of the victim of the fraud, which can also be called consumer fraud in this instance. Even selling a device like that is illegal. Similarly, it’s a crime to possess a device that will alter or give false statements about a business record, or just falsify financial records themselves in order to defraud creditors, tax authorities (like hiding cash transactions), regulators, or anyone else for that matter.

Another type of business fraud involved financial institutions, like a bank. And is a type of bank fraud as well. One common type of this fraud is receiving deposits in failing financial institutions. You can be charged with this crime if you manage or are responsible for deposits in a bank, for example, knowing that the bank is about to be insolvent, therefore cheating a customer out of their money. And there’s also defrauding secured creditors,

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If you are being accused of a business fraud crime, finding experienced professionals like Lexington KY criminal defense attorney or a business fraud lawyer immediately after your arrest is where you should start in taking control of your future.

Types of business fraud Charges & Penal Codes in Kentucky

White collar crimes in Kentucky are non-violent offenses that involve fiscal matters such as fraud, money laundering, tax evasion, insider trading, identity theft and others, normally carried out by people in business or government. Being accused of a white collar crime is enough to ruin your reputation and your livelihood, which is why you need a white collar crime lawyer or business fraud lawyer as soon as you’re accused.

Deceptive business practices - {KRS 517.020}

(1) A person is guilty of deceptive business practices when, in the course of engaging in a business, occupation or profession, he knowingly:

(a) Uses or possesses for use a false weight or measure or any other device for falsely determining or recording any quality or quantity; or

(b) Sells, offers or exposes for sale, or delivers less than the represented quantity of any commodity or service; or

(c) Takes or attempts to take more than the represented quantity of any commodity, thing or service when as a buyer, agency or receiver he furnishes the weight, measure, or weighing or measuring device by means of which the amount of the commodity, thing or service is determined; or

(d) Sells, offers or exposes for sale adulterated commodities; or

(e) Sells, offers or exposes for sale mislabeled commodities.

(2) Deceptive business practices is a Class A misdemeanor.

If you or someone you care about has been charged with a business fraud charge in Kentucky, contact our reputable criminal defense lawyers or business fraud lawyers as soon as possible by calling 859-636-6803.

Defrauding secured creditors - {KRS 517.060}

(1) A person is guilty of defrauding secured creditors when he destroys, damages, removes, conceals, encumbers, transfers, or otherwise deals with property subject to a security interest with intent either to lower the value of the secured interest or unlawfully to hinder enforcement of that interest.

(2) Defrauding secured creditors is a Class A misdemeanor unless the value of the property subject to the security interest is:

(a) Five hundred dollars ($500) or more up to ten thousand dollars ($10,000), in which case it is a Class D felony; or

(b) Ten thousand dollars ($10,000) or more, in which case it is a Class C felony.

Defrauding judgment creditors - {KRS 517.070}

(1) A person is guilty of defrauding judgment creditors when he secretes, assigns, conveys or otherwise disposes of his property with intent to defraud a judgment creditor or to prevent that property from being subjected to payment of a judgment.

(2) Defrauding judgment creditors is a Class A misdemeanor.

Issuing false financial statement - {KRS 517.090}

(1) A person is guilty of issuing a false financial statement when, with intent to defraud, he:

(a) Knowingly makes or utters a written instrument which purports to describe the financial condition or ability to pay of himself or of some other person and which is inaccurate in some material respect; or

(b) Represents in writing that a written instrument purporting to describe a person’s financial condition or ability to pay as of a prior date is accurate with respect to that person’s financial condition or ability to pay, knowing the instrument to be materially inaccurate in that respect.

(2) Issuing a false financial statement is a Class A misdemeanor.

Receiving deposits in failing financial institution - {KRS 517.100}

(1) A person is guilty of receiving deposits in a failing financial institution when, as an officer, manager or other person participating in the direction of a financial institution, he knowingly receives or permits the receipt of a deposit or other investment, knowing that the institution is insolvent.

(2) A financial institution is insolvent within the meaning of this section when it is unable to pay its obligations in the ordinary or usual course of business for any reason.

(3) Receiving deposits in a failing financial institution is a Class D felony.

Misapplication of entrusted property - {KRS 517.110}

(1) A person is guilty of misapplication of entrusted property when he applies or disposes of property that has been entrusted to him as a fiduciary, or property of the government or of a financial institution in a manner which he knows is unauthorized and involves substantial risk of loss or detriment to the owner of the property or to a person for whose benefit the property was entrusted.

(2) Misapplication of entrusted property is a Class A misdemeanor.

Ticket scalping - {KRS 518.070}

(1) A person is guilty of ticket scalping when he intentionally sells or offers to sell a ticket to an event at a price greater than that charged at the place of admission or printed on the ticket, unless authorized by the issuer or by law.

(2) Ticket scalping is a violation.

Operating a sham or front company - {KRS 517.120}

(1) A person is guilty of operating a sham or front company when he knowingly:

(a) Establishes;

(b) Assists in the establishment of;

(d) Assists in the operation of; a sham or front company.

(2) Operating a sham or front company is a Class D felony.

Possession of automated business record falsification device - {KRS 517.130}

(1) A person is guilty of possession of an automated business record falsification device when he or she knowingly possesses any device or software program that falsifies the business records created by a point-of-sale system, such as any electronic device or computer system that keeps a register or supporting documents designed to record retail sales transaction information, by eliminating or manipulating true retail sales transaction information in order to represent a false record of transactions. These devices may also be referred to as “”zappers”” or “”phantom-ware.””

(2) Possession of an automated business record falsification device is a Class D felony.

(3) In addition to any other penalty provided by law:

(a) Any person guilty of possession of an automated business record falsification device shall forfeit all proceeds associated with its creation, sale, or usage; and

(b) An automated business record falsification device, and any device containing an automated business record falsification device, is contraband and shall be seized and forfeited to the state to be disposed of as provided in KRS 500.090.

Penalties in Business Fraud Cases

Penalties for white collar crimes could range from very expensive fines to a long period of prison sentences. Even if the most common punishment is time in minimum-security prisons, there’s no reason it can be something even harsher, especially if substantial amounts of money are involved. White collar crimes like tax fraud, credit card fraud, insider trading and fraud against the government are harshly punished and sometimes even handed over to federal prosecutors. For business fraud charges, depending on their seriousness, and whether the crime is classified as a misdemeanor or a felony is detailed in their individual statutes in Kentucky Revised Statutes.

Take business fraud offenses and allegations seriously and get professional legal representation in an expert local business fraud lawyer as soon as possible to see to your case.

Misdemeanor

In the US, a misdemeanor is a crime punishable by less than a year in prison, and sometimes there are only heavy fines involved, probation, or other sentences less harsh than with felonies. The consequences for someone guilty of a business fraud crime punishable by a misdemeanor are;

Class A misdemeanors – 90 days to 12 months jail time, including a monetary fine that can cost up to 500 dollars , and
Class B misdemeanors – up to 90 days jail time, including a monetary fine up to 250 dollars

Nonetheless, they are a stain on your permanent record and can change your life for the worse, which is why you would want the best business fraud attorney you can get. A competent business fraud defense attorney can get your case dismissed, charges filed against you dropped, or fight for an expungement of your misdemeanor conviction altogether.

Felony

A felony is the most serious type of crime, and hence, they offer the most serious punishments, with years in prison. They are divided (like misdemeanors as well) into classes. In general, the imprisonment terms for each class of this offense are;

Class A – 20 to 50 years, or even life imprisonment,
Class B – 10 to 20 years,
Class C – 5 to 10 years, and
Class D – 1 to 5 years

All serious crimes, except murders (they have their own punishments), are classified as felonies.

It’s also important to point out that former convictions of this degree matter. If district court investigations and records show you are a “persistent offender,” then it’s very likely you’ll be facing a longer prison term vs someone guilty of the same crime without records of a prior felony conviction. (Ky. Rev. Stat. Ann. § 532.080 (2019 ).). If this is the case, it is advised for you to share this information with your business fraud defense lawyer at the earliest.

A person found guilty of a felony in states like Kentucky will also need to pay a fine costing between 1,000 dollars and 10,000 dollars. Or, if it applies, double any gain from committing the offense. In the event that it does, the district court usually orders whichever amount is greater to be paid (Ky. Rev. Stat. Ann. § 534.030 (2019 ).).

It’s difficult facing offenses as serious as this alone, especially since these have long-lasting consequences on a person’s life once convicted. Which is why hiring expert business fraud defense attorneys with adept insights and resources are essential. It’s also good advice to hire business fraud lawyers who pay close attention to create a great working attorney client relationship with the people and cases they take on. Experienced business fraud attorneys will know what to expect including with the best way to protect your rights, or avoid a conviction altogether.

Federal

In the United States, more than other crimes, white collar offenses are usually prosecuted by federal authorities. The FBI is responsible for processing those accused of federal white collar crimes. Federal white collar charges result when they transpire on or against federal property and institutions, but they are mostly a federal offense because they normally involve financial institutions and businesses across several states. Some of these offenses include, but are not limited to, money laundering, tax evasion, election law violations, embezzlement, and several types of fraud, like mortgage, bank, health care, mass marketing, securities, and commodities, and corporate fraud. People in business or government are the vast majority of those arrested for white collar crimes. These are not victimless crimes.There can be billions of dollars at stake, along with the livelihoods of thousands of people. The penalties for white -collar crimes can range from a simple fine to jail time of a few years. The punishment will depend on the extent of the money involved, people affected, and even the social implications of your crime. You will immediately need a federal business fraud lawyer if you are facing business fraud charges in Kentucky or anywhere else.

You need an experienced lawyer that specializes in criminal defense

All of our criminal business fraud attorneys at Cooley Iuliano Robey, PLLC are members of the National Association of Criminal Defense Lawyers as well as the Kentucky Bar Association, with decades of experience in matters of business fraud charges and business fraud defenses or other practice areas. We value the best interest of every client, above all, and with our resources and insights about law, we can create new defense opportunities in your case, no matter how minor. When it comes to business fraud crimes, you need business fraud attorneys who will fight for your constitutional rights, and start by doing an evaluation of every evidence and substance of the detail of your case content, no matter how inconsequential they may be. We will then create the best defenses in your trial and strive to avoid the harshest sentence or any penalties at all.

Free Consultation & Case Review from our experienced business fraud lawyers

At CIR Legal, our business fraud attorney’s business fraud defense services include offering free consultation and case review to potential clients or otherwise. Our business fraud attorneys have fought and will always strive to fight for the rights of every defendant in the state of Kentucky, no matter the type of offense. Call our law office at 859-636-6803 or fill out our form for a free consultation be it pm or am.

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