Dedicated Miami Account Fraud Lawyer
Accounting fraud is a type of white collar crime wherein a company, or an employee of a company, falsifies financial or other information that is recorded in the company’s accounting books. The false information can then be used in a variety of ways to either generate profits or hide losses. It is commonly referred to as “cooking the books” or “financial reporting fraud.”
Usually, unsuspecting consumers and investors might be affected because they purchase stock in the company based, in part, on the results of the accounting fraud. Accounting fraud can affect all types of companies—big and small; public and private—and can be prosecuted under either state or federal law. Typically, the basis for an accounting fraud prosecution is an over inflating of income or revenue, overvaluation of company assets, hiding assets, or understating losses.
The penalties can include anything from fines to imprisonment, so contacting an attorney as soon as possible (e.g. pre-investigation) can be vital to the outcome of your case.