Federal fraud charges can create serious problems for you. If you are convicted, it could mean spending years in prison and having hefty fines and penalties to pay. You may struggle to maintain your friendships and relationships. In all, you could truly lose everything.
That's why it's so important to fight against any allegations you face. Fraud is defined as intentional, so if you can prove that you were unaware of fraud taking place, it's one way you can help remove the blame from your shoulders.
If you are convicted of fraud, you could end up in a situation like this one. According to a story about a co-owner of BB&T headquarters in Winston-Salem, he has been convicted of fraud. He was convicted of two types including wire fraud and mail fraud.
The man was found guilty of 11 of 13 counts against him following a five-week-long trial. He was convicted of the above as well as for making false statements to investigators.
What led to the charges?
The man worked together with another to buy the BB&T tower. They planned to allow investors to buy stakes in the property, which would allow investors to delay capital-gains taxes. However, the plan turned into a scheme to defraud those investors, the news claims, because the men made millions of dollars by selling foreign currencies. It is not clear if the tower's purchase and the fraudulent charges were linked other than the potential to lose the building if the man was convicted; he was, but his partner was not indicted on any charges at the time.