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Financial Crimes

Financial crimes are crimes that involve the unlawful conversion of the ownership of property. Financial crimes are a category of crimes that include fraud and property crimes. Common financial crimes are wire fraud, check fraud, credit card fraud, mortgage fraud, medical fraud, bank fraud, confidence tricks, bribery, embezzlement, identity theft, money laundering, forgery, and counterfeiting.

Financial crimes usually involve additional criminal acts, such as computer crime, elder abuse, burglary, armed robbery, and even violent crime such as robbery or murder.

Financial Crimes in Virginia

In Virginia, Financial Crimes are typically classified as crimes involving fraud. They include Embezzlement, Credit Card Fraud, Credit Card Theft, Obtaining Money by False Pretenses, Identity Theft, Forgery, Counterfeiting, and Money Laundering.

  • Money Laundering in Virginia is accomplished when a person knowingly conducts a financial transaction when the property involved in the transaction represents the proceeds of an activity that is punishable as a felony. If convicted under this provision, the crime is punishable by up to 40 years in prison and a fine up to $50,000.00. Alternatively, any person, who converts cash into negotiable instruments or electronic funds for another knowing the case is the proceeds of some form of activity which is punishable as a felony, and is compensated for such act is guilty of Class 1 Misdemeanor. A second offense is a class 6 felony. Va. Code § 18.2-246.3

Most financial crimes punishable at the state level fall under fraud or property crimes. Serious financial crimes are often prosecuted at the federal level and involve complex factual scenarios. An experienced criminal defense attorney should always be consulted if you are faced with an investigation or prosecution dealing with financial offenses.

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