Top Westbrook, ME Securities Fraud Lawyers Near You
115 Middle Street, Suite 300, Portland, ME 04101
1250 Forest Avenue, Ste 3A, Portland, ME 04103
80 Exchange St., Suite 32, Portland, ME 04101
477 Congress Street, 5th Floor, Portland, ME 04101
36 Ossipee Trail W., Standish, ME 04084
254 Commercial St, Portland, ME 04101
One City Center, Suite 11100, Portland, ME 04101
Twelve Portland Pier, Portland, ME 04101
30 Milk Street, 5th Floor, Portland, ME 04101
53 Exchange St, Portland, ME 04101
Two Canal Plaza, Portland, ME 04101
95 Exchange Street, PO Box 7046, Portland, ME 04112
32 Saco Avenue, Old Orchard Beach, ME 04064
53 Exchange Street, Suite 400, Portland, ME 04101
17 Crescent St, Biddeford, ME 04005
482 Congress St, Suite 301, Portland, ME 04101
6 City Center, Suite 208, Portland, ME 04101
12 City Center, Portland, ME 04101
1321 Washington Avenue, Suite 204, Portland, ME 04103
84 Marginal Way, Suite 600, Portland, ME 04101-2480
183 Middle Street, 4th Floor, Portland, ME 04112
9 Bradstreet Ln., PO Box 366, Eliot, ME 03903
PO Box 18190, Portland, ME 04112
PO Box 7656, Portland, ME 04112
85 Exchange Place, Portland, ME 04101
Westbrook Securities Fraud Information
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What Does the Law Say About Securities Fraud?
Securities fraud involves fraudulent misrepresentations in buying, selling, trading stock or other financial commodities. Securities fraud can also involve stock price manipulation to artificially inflate or deflate stock values. Securities fraud is a type of “white-collar crime,” which is a financially motivated, nonviolent crime.
Is Securities Fraud a Federal Crime?
Securities fraud is a federal offense, like mail fraud or wire fraud. Under securities law in the U.S. Code, it is a violation of the Securities Exchange Act to defraud any person in connection with any commodity. It is also a crime to execute a scheme to obtain money or property in connection with any stock commodity through misrepresentation, false pretenses, or fraudulent promises.
Securities fraud may also be a violation of Maine state law. Many states have a law that mirrors the federal criminal statute. State agencies or state law enforcement may prosecute fraudulent securities practices that occur within state lines.
What Are Common Types of Securities Fraud?
Fraudulent security schemes can take a variety of forms. Common examples of securities fraud include:
- Corporate fraud
- Insider trading
- Internet fraud
- Short selling schemes
- Ponzi schemes
- Pump and dump
Corporate fraud generally involves misrepresentations made by corporate directors and executives. This may include misrepresentations or cooking the books to artificially inflate the company’s stock value. Corporate shareholders can then profit from selling the overpriced stock or selling the overvalued company. The Enron corporate fraud case is a famous example of corporate-level fraud.
A Ponzi scheme is an investment scheme where earlier investors are paid out returns out of the money from new investors. As long as the share of investors continues to increase, other investors can receive consistent profits. However, as soon as the new influx of money starts to slow down or dry up, the scheme falls apart and individual investors find out their life savings are gone.
How Does Someone Find Out About Securities Fraud?
In some cases, a financial scheme can go on for years before anyone suspects any criminal activity. Federal government agencies may suspect fraud because of suspicious financial transactions, excessive trading, or irregular tax filings. However, many securities fraud cases are reported by whistleblowers. The Securities and Exchange Commission (SEC) has a whistleblower office for people to report possible fraud. Fraud may be reported by investors, employees, or even relatives who become aware of false securities claims.
Whistleblowers have an incentive to report insider trading or corporate fraud because the SEC provides monetary awards for individuals who report fraud that leads to SEC enforcement. Whistleblowers can receive up to 30% of the enforcement money collected.
Can You Go to Jail for Securities Fraud?
You can go to jail for securities fraud. Federal fraud statutes provide long prison sentences for felony fraud. Under U.S. law, a conviction for securities fraud can result in fines and imprisonment for up to 25 years. Depending on the fraud involved, securities violations may include other fraud charges, including:
- Telemarketing fraud
- Wire fraud
- Bank fraud
- Mail fraud
- Identity theft
- Credit card fraud
- Check fraud
- Insurance fraud
There may also be civil penalties for fraud, which could result in fines, treble damages, and restitution for the victims of investment fraud.
How Can an Experienced Securities Lawyer Help?
If your business or investment activities are being investigated by a government agency, you may be under investigation for securities fraud. Securities fraud attorneys may be able to represent you during an investigation to make sure your legal rights are represented. If you are facing legal action, criminal defense lawyers can represent you in court.
Investment fraud lawyers can use the discovery process to review all the evidence in your case, talk to witnesses, and gather relevant records to build a strong legal defense. An investment fraud attorney may also be able to negotiate a plea agreement for the best possible outcome. A successful plea deal can have charges reduced, charges dropped, or reduce the criminal sentencing.