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White collar crimes: How is wire fraud committed?

| Jan 22, 2019 | White Collar Crimes |

People in Michigan might be conned to participate in schemes that involve wire fraud without even realizing that they are caught up in criminal activities. Acts of wire fraud are white collar crimes that require the use of electronic communication systems or any type of interstate communications facilities. Telephones and the internet are the primary communication methods used to commit wire fraud.

According to the U.S. Department of Justice, an act of wire fraud intends to defraud another individual by employing a plan that is intentionally devised for this purpose. Furthermore, to be defined as wire fraud, the defrauder must have foreseen that wire communications would be required for the act and then actually used interstate wire communications. Wire fraud is classified as a federal crime, for which the punishment could include a maximum prison term of 30 years along with restitution and fines.

While telephones were the primary tool to hook unsuspecting victims to part with their money in the past, the internet and its awesome power has mostly taken over in the quest to find gullible victims. However, the opportunity to use the telephone to tell a woeful tale or to promise everlasting love or untold riches is still utilized by many. Fraudsters often use unsuspecting, law-abiding individuals to participate in wire fraud schemes to hide their own involvement.

There is a five-year statute of limitations for bringing wire fraud charges, except when the target is a financial institution, and then it is 10 years. Anyone in Michigan who gets caught up in fraudulent activities, or who is accused of committing white collar crimes is well-advised to retain the services of an experienced criminal defense attorney as soon as possible. A lawyer will not only protect the client’s legal rights, but can also work to achieve the most favorable outcome.