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What Are The Penalties for Fraud?

Fraud refers to the act of depriving another individual or entity of their money, property, service, or other valuable security through fraudulent, false, or deceitful tactics. The court can charge you with fraud if you deliberately conceal or misrepresent the truth to deprive another individual or entity of valuable property or money. Fraud is like theft, but it involves the crucial element of deceit or false pretense. It is a broad criminal offense that includes, but not limited to, the following:

  • Bank Fraud
  • Identity Fraud
  • Check Fraud
  • Credit Card Fraud
  • Internet and Computer Fraud
  • Mortgage Fraud
  • Insurance Fraud
  • Securities Fraud
  • Wire Fraud
  • Mail Fraud
  • Tax Fraud
  • Bankruptcy Fraud
  • Forgery
  • Charity Fraud
  • Embezzlement
  • Counterfeiting
  • Racketeering
  • Pyramid Schemes
  • TennCare Fraud
  • Health Care Fraud

You should not take an accusation of fraud lightly because it can significantly impact your reputation and freedom and could result in civil and criminal lawsuits, even federal charges.

What You Should Know About Fraud Penalties?

Many Tennessee and federal laws criminalize a wide range of fraud offenses. That means that you may have violated state and federal law and can be prosecuted at the federal and state levels. If the state has charged you with fraud, the penalties you may face will vary based on the amount of property or money involved, whether the offense is financial, and the specific nature of the fraud offense, such that:

  • A class A misdemeanor involving up to $1,000 is punishable by jail time of 11 months plus 29 days and up to a $2,500 fine.
  • A class E felony involving up to $2,500 is punishable by imprisonment of up to six years and a fine not exceeding $3,000.
  • A class B felony involving $60,000 or more is punishable by imprisonment of up to 30 years and a maximum fine of $25,000.

If you are facing federal fraud charges, the possible penalties can include the following:

  • Jail time of six months up to 30 years of incarceration in federal prison
  • A fine between $2,500 and $25,000 per violation
  • Paying restitution to fraud victims

When courts determine the possible penalties for a fraud offense, the nature of the relationship the defendant has with the victim, the number of affected victims, the amount lost due to fraud, and the defendant’s criminal history will all be taken into account by courts.

Certain fraud crimes come with increasing penalties mainly based on the victim’s specific losses, while others carry more severe penalties primarily based on the nature of the scam or fraudulent scheme. For example, a conviction for federal mail fraud can lead to imprisonment of up to 20 years.

Whether you are facing federal or state charges for any type of fraud offense in Tennessee, the Nashville fraud defense attorney at Andrew C. Beasley, PLLC, can help. To find out more about your case and what to expect after receiving fraud charges, please call our office at 615-620-5803 or send us a message online to schedule your free case review with our Nashville fraud defense attorney.

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