Let's Change The Outcome

Helping To Hide A Crime Is A Crime

Recovering the money is often a chief priority in fraud investigations

Just like the proverbial person who helps bury a body, a person who helps conceal a white collar crime can likewise be charged with fraud, wire fraud or conspiracy.

Five former executives of a credit card processing company are accused of siphoning more than $11 million through accounting fraud. While the two high-ranking masterminds likely face felony charges, one of the others has settled with the Securities and Exchange Commission to avoid prosecution. In many fraud and white collar cases, the priority for authorities is recovery of the ill-gotten gains.

Five executives accused of accounting fraud scheme

The SEC alleges that two iPayments senior executives stole $11.6 million over a four-year period through a scheme involving kickbacks for padded invoices, fabricated expense reports, claiming improper compensation and other fraud. An assistant vice president and two other former executives are accused of aiding and abetting the thefts by falsifying the company’s books and lying to auditors.

The SEC is asking for repayment of the stolen funds, plus interest and civil fraud penalties. The agency also seeks to bar the five from officer or director positions, a common proviso in white collar fraud cases. One of the ex-executives, John S. Hong, has already reached an undisclosed settlement with the SEC in lieu of criminal charges.

To prove fraud, prosecutors must demonstrate both a criminal act and criminal intent. In determining charges and recommending sanctions, the government also considers the egregiousness of the fraud, the individual’s role, the amount of personal gain and any past offenses.

Should you find yourself in the government’s cross hairs …

If you have been questioned by law enforcement or suspect you may be the target of a fraud investigation – even on the periphery – exercise your right to remain silent and consult an attorney. A criminal defense lawyer with experience in fraud and white collar crimes can intervene to possibly influence charging decisions and negotiations, and to assert your rights to due process.

Source: Execs Allegedly Stole $11.6M From Banking Services Company (Bloomberg)


Recent Posts

How can a DUI conviction impact my commercial driver’s license?

On Behalf of Ryan Beasley Law | Apr 8, 2022 | Drunk Driving | Commercial vehicles are a common sight on the South Carolina roads. Trucks go to, from and through the state delivering and carting items that are vital to everyday life. This can include food, materials,...

What defenses are there for domestic violence charges?

Every relationship has times when you and your partner will disagree. An argument can feel very after both parties have had a chance to cool off than it does while it is happening. In some cases, a disagreement can get out of hand or misinterpreted, leaving both...

How a DUI can threaten your college education

College is an exciting time for young adults. Newfound independence often comes with having to make important decisions on your own, including whether to drink and drive. Unfortunately, millions of college students choose to drive while intoxicated. While you may be...

Bill could lead to harsher penalties after drug overdoses

In South Carolina and across the United States, opioids are garnering significant attention. This is understandable given the number of people who are having problems with these types of drugs. Specifically, fentanyl is drawing scrutiny from state and federal law...

Do you know the importance of jury selection in your case?

There’s a lot to consider when building your criminal defense. While you may want to work with prosecutors early on to try to mitigate the fallout from your case, and you certainly want to gather evidence that contradicts the prosecution’s case, you can’t neglect the...

Do You Need Legal Advice? Don’t Wait.

Get Help Now


Visit Our VIDEO CENTER To Find Out More