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The impact of fraud

On Behalf of | May 19, 2023 | Federal Crimes |

An intentional act designed to deceive a person, business or government agency is considered an act of fraud. Mail fraud, credit card fraud and tax evasion are among the many ways in which you can violate Florida or federal law. There may be a bevy of negative consequences if you are convicted of such a crime.

Criminal penalties

If convicted of fraud, you may be sentenced to several years in jail or prison. You may also be stripped of a professional license or prohibited from working in the financial sector in the future. A judge may also order you to forfeit assets that were obtained in a fraudulent manner or pay restitution to your victims. In addition, you may be ordered to pay for identity protection services or other costs victims might incur because of your actions.

Consequences for victims

Victims of financial fraud may lose the entire value of a bank, brokerage or retirement account. They may also have to work with lenders and credit bureaus to prove that they aren’t responsible for debts incurred in their name but without their knowledge or consent. Those who lose their financial nest egg may be unable to remain retired, keep up with mortgage payments or otherwise maintain their current lifestyles. Ultimately, this may result in mental health problems that might manifest themselves in the form of drug, alcohol or other types of addictions.

If you have been the victim of fraud, you may be entitled to compensation from the person or entity that perpetrated it. Financial records, digital communications and other evidence may be used to prove that you were a victim of an intentionally deceitful act. Furthermore, these records may also prove how much was stolen by these parties.