Lexington Securities Fraud Defense Attorney
Have you been charged with securities fraud crime?
The first thing you need to do after you’ve been arrested for securities 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 securities 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 securities fraud or investment fraud case against you. Our securities fraud law firm and securities 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 are securities fraud?
Securities fraud, also known as investment fraud, results when a person is charged with any number of unlawful actions regarding stocks, securities, bonds, futures trading, or any other type of financial instrument of the kind. They can involve both investors and brokers, as well as banks, advisors, or just about any citizen that participate in the fraud. Securities like stocks always carry a certain amount of risk in them, but cheating and trying to obtain an unfair advantage in the market is a crime and a fraud.
Although a majority of this type of fraud are prosecuted by federal authorities, Kentucky does have its own laws that regulate the financial industry or investments within its own borders.
KRS 292.320 punishes any person, in connection with the offer, sale, or purchase of any security, directly or indirectly, that tries to cheat the rules of the market in any way. If you are caught using a device or any other scheme in order to change information about the transaction, that is a crime, as well as lying about any information in your financial statements regarding the securities. Giving confidential information to someone with the goal of helping that person have unfair advantages in securities trading is also a fraud.
Securities and investment fraud in Kentucky can be punishable by felony charges that can be Class D, C, and even B. This can lead to years in prison or exorbitant fines, including million of dollars in fines, depending on the value of the securities defrauded.
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If you are being accused of a securities fraud crime, finding experienced professionals like Lexington KY criminal defense attorney or a securities fraud lawyer immediately after your arrest is where you should start in taking control of your future.
Types of Securities 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 would want a white collar crime lawyer or securities fraud lawyer or investment fraud lawyer as soon as you’re accused.
(1) It is unlawful for any person, in connection with the offer, sale, or purchase of any security, directly or indirectly:
(a) To employ any device, scheme, or artifice to defraud;
(b) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they are made, not misleading; or
(c) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person.
(2) It is unlawful for any person who receives any consideration from another person primarily for advising the other person as to the value of securities or their purchase or sale, whether through the issuance of analyses or reports or otherwise:
(a) To employ any device, scheme, or artifice to defraud the other person; or
(b) To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the other person.
(3) It is unlawful for any investment adviser to enter into, extend, or renew any investment advisory contract unless it provides in writing:
(a) That the investment adviser shall not be compensated on the basis of a share of capital gains upon or capital appreciation of the funds or any portion of the funds of the client unless the client is an “accredited investor,” as defined by Rule 501 of the Securities Act of 1933;
(b) That no assignment of the contract may be made by the investment adviser without the consent of the other party to the contract; and
(c) That the investment adviser, if a partnership, shall notify the other party to the contract of any change in the membership of the partnership within a reasonable time after the change.
(4) Paragraph (a) of subsection (3) of this section does not prohibit an investment advisory contract which provides for compensation based upon the total value of a fund averaged over a definite period, or as of definite dates or taken as of a definite date. “Assignment”, as used in paragraph (b) of subsection (3) of this section includes any direct or indirect transfer or hypothecation of an investment advisory contract by the assignor or of a controlling block of the assignor’s outstanding voting securities by a security holder of the assignor; but, if the investment adviser is a partnership, no assignment of an investment advisory contract is considered to result from the death or withdrawal of a minority of the members of the investment adviser having only a minority interest in the business of the investment adviser, or from the admission to the investment adviser of one (1) or more members who, after admission, will be only a minority of the members and will have only a minority interest in the business.
(5) Subsection (3)(a) of this section shall also not apply to a contract with any person or class of persons that the commissioner by rule or regulation or by order upon application determines does not need the protections of subsection (3)(a) of this section. The commissioner may grant a conditional or unconditional exemption based on factors which include the person’s or persons’ financial sophistication, net worth, knowledge of and experience in financial matters, amount of assets under management, relationship with a registered investment adviser, or other factors as the commissioner determines are consistent with this section.
If you or someone you care about has been charged with a securities fraud charge in Kentucky, contact our reputable criminal defense lawyers or securities fraud lawyers as soon as possible by calling 859-636-6803.
(2) Any person who willfully violates any provision of KRS 292.320 shall be guilty of:
(a) If the value of the fraud is equal to or exceeds one million dollars ($1,000,000), a Class B felony;
(b) If the value of the fraud is equal to or exceeds ten thousand dollars ($10,000) but is less than one million dollars ($1,000,000), a Class C felony; or
(c) If the value of the fraud is less than ten thousand dollars ($10,000), a Class D felony.
If you or someone you care about has been charged with a securities fraud charge in Kentucky, contact our reputable criminal defense lawyers or securities fraud lawyers as soon as possible by calling 859-636-6803.
Illegal Insider Trading
One type of securities fraud is insider trading. It amounts to using information to cheat in stock trading. You can’t, for example, know about a company’s secrets before buying or selling stock. You have to trade knowing only common and publicly available information. It is also illegal to tip someone off about stock information.
If you or someone you care about has been charged with a securities fraud charge in Kentucky, contact our reputable criminal defense lawyers or securities fraud lawyers as soon as possible by calling 859-636-6803.
Penalties in Securities Fraud Cases
Penalties for white collar crimes could range from very expensive fines to long 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 investment fraud charges or securities 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 securities fraud offenses and allegations seriously and get professional legal representation in an expert local securities fraud lawyer or investment fraud lawyer as soon as possible to see to your case. A competent white collar crime defense attorney can get your case dismissed, charges filed against you dropped, or fight for an expungement of your misdemeanor conviction altogether.
Felony
In the US, 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 year 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, informing your securities fraud defense lawyer or investment fraud defense lawyer at the earliest is advised.
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 securities fraud defense attorneys with adept insights and resources are essential. It’s also good advice to hire securities fraud lawyers who pay close attention to create a great working attorney client relationship with the people and cases they take on. Experienced securities 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 securities fraud lawyer or investment fraud lawyer if you are facing securities fraud charges in Kentucky or anywhere else.
You need an experienced criminal defense lawyer that specializes in securities fraud defense
All of our criminal securities 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 securities fraud charges and securities fraud defenses or other practice areas. We value the best interest of every client, above all, and with our insights about law, we can create new defense opportunities in your case, no matter how minor. When it comes to securities fraud crimes, you need securities fraud attorneys who will fight for your constitutional rights, and start by doing an evaluation of every evidence and detail of your case, 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 securities fraud lawyers or investment fraud lawyers
At CIR Legal, our securities fraud attorney’s investment fraud or securities fraud defense services include offering free consultation and case review to potential clients or otherwise. Our securities 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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