When we see famous financiers taken down for financial crimes, we often forget that these are theft crimes as well. While the dollar amounts may be astronomically more than petty theft, the basis of the charges are essentiall, the same: the deprivation of property from its owner.
What many may not realize is that financial crimes or theft can be alleged, even if the alleged perpetrator had no intention for such deprivation. While it is impossible to outline all potential crimes here, we will go over potential pitfalls that those in finance should be aware.
While many people may assume that identity theft can only be intentional, it can actually occur incidental to financial employment. For example, if you open a new credit line or bank account for a customer without their consent, you may have committed identity theft. This is even if you did so based on a conversation with the customer or at the behest of your supervisor, who may have said it was at the customer’s request. This is, allegedly, what happened years ago at Wells Fargo.
Another way that those in the financial sector can face allegations of wrongdoing is in investment sales. This could be selling securities, real estate or any other financial instrument. If you sold it using any false, fraudulent, misleading information or omitted key facts, you could face investment fraud allegations. However, as anyone who has ever worked a sales position can tell you, rarely does a salesperson do independent research on sales and training materials. It is entirely possible to sell fraudulent securities that you had no idea where fraudulent.
The key here is that, just because you face financial charges or allegations, it does not mean that you actually are guilty or even that you did anything wrong. Start crafting your defense immediately and reaching out to an Annapolis, Maryland, attorney could not hurt either.