What Should You Do If You’re Accused of Business Fraud?

Consequences for business fraud are severe and can have significant effects on a person’s life and abilities.Fraud is considered a form of theft that deceives others while extorting compensation and money from unsuspecting individuals. Florida laws take fraud very seriously, and those accused could face harsh repercussions. While there is an increasing number of cases dealing with fraud and theft, there are just as many falsely accused. 

Consequences for business fraud are severe and can have significant effects on a person’s life and abilities. If you or someone you know is accused of business fraud, contact an experienced defense attorney immediately. The sooner you have a legal representative beside you, the higher your likelihood is of having a positive outcome.  

5 Most Common Types of Business Fraud

There are many different types of business fraud, and they all carry their own severity. When you can identify and distinguish between the various types of fraud, you’re able to structure your defense and gather the proper type of evidence for your specific case. Below are five of the most common types of business fraud:

Payroll Fraud

Payroll fraud is when someone utilizes the payroll system and embezzles funds from the company. Unfortunately, payroll fraud disproportionately affects small businesses because of their limited or lack of anti-fraud measures and systems. In order to prevent payroll fraud from occurring, it’s essential to use secure automated payroll services. 

Data and Intellectual Property Theft

Businesses have a significant amount of information about the company and the employees inside their database. When individuals take restricted information without permission and use it for personal reasons, this type of theft is called data and intellectual property fraud. This type of fraud is hazardous to businesses because an individual may leak trade secrets or other classified information. 

Invoice Fraud

Invoice fraud occurs when a person takes money from the business by creating fake invoices. For example, the individual could make fake companies to wire money to or award contracts to friends and family. These types of fraud are dangerous and could cause a business to lose a significant amount of money. 

Asset Misappropriation Fraud

One of the most common types of business fraud—asset misappropriation—occurs when a person uses client or company assets for personal gain. Asset misappropriation is easily identifiable and avoidable by rotating who handles the money or by not having just one person in charge of the money.   

Insurance and Banking Fraud

Most companies offer benefits to their employees, one of which is health insurance. Unfortunately, some employees file false claims and try to profit off of the benefits, which can cause companies to have higher premiums. A way to avoid this type of fraud is to create requirements for filing insurance claims and workers’ compensation. 

Business fraud and theft can cause severe financial issues and damage the relationship between a company and its employees. The strict consequences of fraud harms companies and individuals if accused or charged with any of the above types. If you’re accused of business fraud, contact an experienced defense attorney immediately for legal information and guidance. 

What Are Some of The Possible Penalties for Business Fraud? 

Florida law takes business fraud and theft very seriously, and if you’re accused of either, you could face penalties that will restrict your freedom. Your reputation and career may face severe blows and will impact your future goals. Consider the list of repercussions:

  • Fines and fees
  • Community service and probation
  • Termination of current employment
  • Difficulty finding future employment
  • Loss of professional license
  • Jail or prison time
  • Suspended driver’s license

When your career’s future is at risk, it’s imperative that you contact an experienced and passionate defense attorney to represent you in legal conflicts. Through negotiations and investigations, a defense attorney will stay by your side every step of the way.  

Contact Umansky Law Firm for Experienced Defense Attorney’s in Orlando, FL

Fraud accusations are harmful, and facing them alone is something no one should have to do. Our team of experienced and dependable attorneys at Umansky Law Firm works tirelessly to provide you with reliable information and legal representation. With years of experience representing clients and advocating on their behalf, we know how much these situations can affect you.

Call (407) 228-3838 or fill out our online contact form for more information or to talk with an experienced defense attorney today.