Law Offices of Christie A. Leary P.C.

Fairfax/Manassas Criminal & Personal Injury Blog

In Virginia and across the country, white collar crime charges are becoming increasingly frequent. With the way the financial landscape is constantly changing and an increase in technology, it can be a struggle to keep up with what's legal and what's not. This is when it is possible that certain investment opportunities might present themselves and seem like a good idea. Many, however, are illegal. One such investment is known as a prime bank investment. Not only are these leading to people being victimized by fraud, but they are also resulting in allegations against people who are supposedly involved in the act facing criminal charges.

There are many ways in which the prime bank investment idea is floated. It can be a financial instrument, a security that promises high yields, or an investment program. Sounding viable at the outset, they are actually scams. The claim is that funds provided by investors will be used in purchases and trades. Those who are alleged to be behind the scheme will promote the investment as a legitimate financial vehicle with terms that an uninitiated potential investor might not fully understand.

There can be numerous tactics such as claiming it is an offshore fund, a standby letter of credit, a bank guarantee and high-yield investments. To sell the investment opportunity to investors, there might be a false claim that entities like the U.S. Federal Reserve are issuing, trading or guaranteeing the investment product. People selling the investment might also say that the entire investment is secretive and only certain people are invited to take part. This is a tactic to avoid giving credentials regarding the company or product.

With any white collar crime, those who are accused of being behind it will face serious legal issues as the case moves forward. As complicated as these charges usually are, so too is it difficult for those confronted with these allegations to understand the entire process. In many instances, the person charged might not even understand why he or she was charged, as they believed their occupation was for a legitimate company with a real product to sell. In other cases, the person charged might have gotten involved in a situation by mistake. Regardless of the reason white collar crimes are alleged, one of the most important factors for dealing with them is having a competent legal defense that can be provided by an experienced attorney.

Source: investor.gov, ""Prime Bank" Investments," accessed on Feb. 8, 2016

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