New York broker-dealers must comply with the Securities and Exchange Commission’s Regulation Best Interest. This regulation, which became effective June 30, 2020, obligates broker-dealers to put their customers’ best interests over their own financial or other...
Fraud
The method and consequences behind high-tech money laundering
Illicit cryptocurrency transactions skyrocketed in 2019, according to Chainalysis.com, and New York cyber-investigators are likely watching for illegal activity. Furthermore, those who take advantage of cryptocurrency’s anonymous nature to launder unlawful gains may...
Understanding mortgage fraud
Buying a house is typically a very exciting time in someone's life. It can also be very stressful because there is a lot of documentation necessary to secure a mortgage loan. For people who realize that their income level may prevent them from receiving the loan, it...
False allegations of financial fraud
Those facing allegations of financial fraud are often in a very difficult position. Aside from the high levels of stress and uncertainty that these cases usually generate, people often face tough consequences that shatter their lives. For example, some business owners...
Insurance company faces fraud charges over opioid crisis
The State of New York filed civil charges against opioid manufacturer Mallinckrodt Plc last Tuesday, April 21. The charges accuse the pharmaceutical giant of purposefully misrepresenting the safety of opioids. Investigations into the nationwide opioid crisis have...
What the law says about fraud
New York residents and others who lost something of value because of another person's false or misleading statements could be considered victims of fraud. A fraud victim may bring a civil lawsuit against the person who engaged in deceptive activity, and a government...
Most mail fraud prosecutions are made by U.S. attorneys
U.S, attorneys in New York and around the country prosecute a large number of mail fraud cases. Federal authorities usually find it easy to claim jurisdiction when mail fraud is alleged because those who commit the crime often use the U.S. Post Office or one of the...
Man pleads guilty in Ponzi scheme
Federal prosecutors have announced that a 39-year-old man has admitted to running a Ponzi scheme that bilked investors in 12 states out of more than $70 million. The man entered guilty pleas to felony counts of mail fraud, conspiracy to commit mail fraud and...
Are chain letters illegal?
Is it illegal to send a chain letter in New York? In many cases, though not all, the answer is yes. To a certain extent, it depends on what you want the recipients of the chain letter to do upon receipt. If you ask the recipients to send items of minimal value, such...
Know the basics of healthcare fraud
When New York residents go to the doctor, they usually do not worry about their medical information. However, people sometimes steal important healthcare information. When this happens, it is called healthcare fraud. Healthcare fraud occurs when people run scams to...