Bernie Madoff, possibly the most famous criminal in America right now, was sentenced to 150 years for his role in a ponzi scheme. Madoff pleaded guilty to stealing billions of dollars from investors, may of whom were completely wiped out after his ponzi scheme was discovered. A Ponzi scheme is a fraudulent investment operation that pays returns to separate investors from their own money or money paid by subsequent investors rather than from any actual profit earned. The Ponzi scheme usually offers returns that other investments cannot guarantee in order to entice new investors, in the form of short-term returns that are either abnormally high or unusually consistent. Los Angeles White Collar Crime White collar crimes are varied; they include embezzlement, bribery, ponzi schemes and more. A qualified Los Angeles white collar crime defense attorney must have a thorough knowledge of accounting laws, financial laws, SEC statutes and more. People in all walks of life are accused of Los Angeles white collar crimes, including school administrators, politicians, accountants, CEOs and others. Los Angeles white collar crimes have serious consequences, especially now that the economy is so bad. People often blame executives for their roll in damaging an economy, especially if their roll was an illegal one. Throughout the news, people are being sentenced to decades in prison for their involvement in investment fraud, securities fraud and other Los Angeles white collar crimes. The FBI even has a strategic white collar crime team that investigates all manner of fraud, including white collar crimes> that involve some form of fraud, including health care fraud, bank fraud and more. Some state laws govern white collar crime, but usually on a smaller scale. The larger crimes are prosecuted by federal law and carry with it much harsher penalties. If you have been charged with a white collar crime, do not hesitate to call Kestenbaum, Eisner & Gorin, LLP at (877) 781-1570. Our knowledgeable legal team can evaluate your case and advise you of your legal options. Tagged as: theft, white collar crime fraud theft laws
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