White-collar crime under the Volstead Act was rum-running or selling “bootleg” whiskey. The white-collar criminal in 2017 may be an individual, a small business, or an organized international business. Consumer and securities fraud is as sophisticated as a lending company, an employer, or someone you’ve always trusted. Penalties for white-collar crime were traditionally weak, a slap on the wrist, for behavior which left consumers or investors damaged or destitute.
If it sounds too good to be true, it probably is. Typically, the salesperson or fraudster is persuasive and will be in another state by next week. Santander Consumer, USA a huge international national association financing cars throughout the United States, has been pursued by the U. S. Department of Justice for consumer fraud and securities fraud.
The United States Department of Justice reached a $9.35 million settlement with Santander Consumer, USA for 1100+ illegal repossessions. Santander Consumer, USA committed securities fraud when they sold the promissory notes on defaulted loans to unsuspecting investors. Cases against Santander Consumer, USA are ongoing in 2017.
Types of Fraud
The United States Securities and Exchange Commission (SEC) knows that, whether you are a first-time or an experienced investor, investment fraud is unnoticed undetectable in many forms. The SEC’s types of fraud webpage can help you recognize consumer and investment fraud.
The nonprofit Financial Industry Regulatory Authority (FINRA) is authorized by the United States Congress to enforce compliance with the rules governing 3,800 securities dealers and 635,000 brokers. During 2016, the 635,000 brokers under FINRA’s supervision processed 37 billion to 75 billion secure transactions every day. FINRA works hard to ensure every investor that security brokers are compliant with federal laws and regulations.
Contact us at Mitchell Law Group if you’re suddenly facing “white-collar” criminal charges in the San Joaquin Valley as a result of your own actions, as part of a group, or under the auspices of your employer. Even if you only played a minor role in the crime, you should seek legal representation. Your initial consultation is free.