For Texans who work in finance or healthcare, there is access to significant funds, insurance payments and opportunities to perhaps cut a few corners. In some cases, people make mistakes that lead to an arrest for fraud. In others, they simply get caught up in a situation where they were unaware illegality was taking place and find themselves brought up on fraud charges. In still others, there was no wrongdoing at all and those who were arrested are innocent. From the start, it is important to understand the potential penalties and craft a plan to address the charges.
Company CEO with flamboyant lifestyle faces fraud charges
A 56-year-old chief executive officer for a pharmaceutical company was arrested for fraud. His accountant was also arrested. According to the charges, the men called people to try and sell them medical supplies they did not need. Most of the victims were at least 55-years-old. Even after the people refused, their insurers were billed. Some prescription bills came about after the people had died.
These acts were said to have taken place from 2013 to 2020 and accrued $134 million from Medicare. The CEO is known for his prominent lifestyle with fancy vehicles, parties and trips to casinos. He is said to have spent $15 million on these purchases and excursions. Using illegal telemarking tactics for people older than 55 has extra penalties. The men could be imprisoned for up to 10 years and be fined $250,000.
White collar crimes have harsh consequences for conviction
There might be a belief that people who are convicted of violent crimes get the harshest penalties and people who have committed financial crimes do not. This is a mistake. Those who are confronted with allegations of fraud, embezzlement, being involved with a Ponzi scheme, money laundering and other financial crimes can face substantial jail time and fines. They are also likely to be confronted with disfavor in the business community and their personal reputations will be sullied.
Having legal assistance is imperative
In fraud cases, there is often a substantial amount of money involved and people who are arrested are known in their industry and the community, making it even more difficult to forge an effective defense. Having legal assistance from experienced professionals with a reputation for effective advocacy and counsel can be a crucial part of reaching a satisfactory outcome. Perhaps a plea agreement could be available or the charges can be reduced. It is possible that the person is innocent. Calling for advice is a key first step and it should be done immediately.