California businesses are subject to a complex array of state and federal laws governing business fraud. Business fraud can take many forms, including embezzlement, misrepresentation, Ponzi schemes, insider trading, and more. If you have been a victim of business fraud or accused of committing fraud, it is essential to seek the assistance of an experienced business fraud lawyer.
At Bridgford, Gleason & Artinian, our skilled California business fraud lawyers can help protect your rights, provide sound legal advice, and advocate on your behalf. Whether you are a business owner or a victim of fraud, it is essential to have an experienced attorney by your side. Contact us today for your free consultation.
What is California Business Fraud?
California Business Fraud refers to a wide range of illegal or unethical activities carried out by individuals or entities to deceive or defraud a business or its stakeholders for personal gain. It can take many forms, such as embezzlement, falsifying financial records, misrepresentation of financial information, Ponzi schemes, and insider trading. Business fraud can have severe financial and reputational consequences for businesses, leading to lost profits, damaged customer relationships, and even bankruptcy. As such, businesses must take appropriate legal action against perpetrators of fraud to recover losses and protect their interests.
Embezzlement is a type of fraud that involves the misappropriation or theft of funds or property that an individual has been entrusted with by another person or organization. In California, embezzlement is considered a type of theft crime, and individuals convicted of embezzlement can face serious criminal consequences, including fines and imprisonment. Embezzlement can occur in a variety of settings, including businesses, non-profit organizations, and government agencies, and can involve employees, contractors, and others who have access to funds or property.
A Ponzi scheme is a type of investment scam where the returns are paid to earlier investors using the capital provided by newer investors, rather than from any legitimate profits. Ponzi schemes are illegal in California, and those involved in such schemes can face serious criminal charges. In a Ponzi scheme, investors are often promised high returns with little or no risk. However, as the scheme continues, it eventually collapses when there are not enough new investors to pay off earlier investors. Many people can lose their entire investment in a Ponzi scheme, and those who run the scheme can face criminal charges for fraud, embezzlement, and other crimes.
Insider trading refers to the buying or selling of a company’s securities by someone who has access to nonpublic information about the company. Insider trading is illegal because it gives insiders an unfair advantage over other investors in the market. California has seen several high-profile cases of insider trading over the years.
Notable California Business Fraud Cases
- In 2019, a Southern California woman, Kim Renee Dunsmore, was sentenced to eight years in prison for embezzling more than $3.4 million from her employer, an insurance brokerage. Dunsmore used the money to buy luxury items, including a home and a Mercedes-Benz.
- In 2019, an Orange County-based couple, Steve Chen and his wife Tracy, were charged with running a $18 million Ponzi scheme. They allegedly promised investors high returns by investing in distressed properties but instead used the money to pay off earlier investors, fund their own luxury lifestyle, and pay off gambling debts.
- In 2018, a former senior executive at Apple, Gene Levoff, was charged with insider trading by the Securities and Exchange Commission (SEC). Levoff allegedly used confidential information about Apple’s financial results to trade Apple stock ahead of public announcements.
Contact Our California Business Fraud Lawyers Today
Business fraud is a serious issue that can cause significant harm to businesses and individuals alike. If you have been a victim of business fraud in California, it’s important to seek the help of an experienced business litigation lawyer who can help you navigate the legal process and protect your rights. We understand the devastating impact that business fraud can have on your business, and we are committed to fighting for your rights and holding those responsible accountable for their actions.
At Bridgford, Gleason & Artinian, our team of California business fraud lawyers have a deep understanding of California business laws and regulations, and we have a track record of success in recovering damages for our clients. If you are in need of a business fraud lawyer in California, please do not hesitate to contact us today for a free consultation. We will work tirelessly to help you achieve justice and recover the compensation you deserve.