Los Angeles Business Fraud Attorney
Business Litigation Lawyer Protecting Your Business
Fraud in business has reached a magnitude that is shocking to contemplate.
It is alarming to look at the amount of businesses out there that are
not doing business in an honest fashion. In a survey compiled in 2009,
it was found that
88 percent of all United States companies had experienced significant financial losses due to some form of fraud.
Within those businesses, the most common culprit is also one of the least
expected suspects: long-time, seemingly loyal employees. Typically 80%
of all fraudulent activity and 95% of all money lost can be traced back
to employees in one of six different departments within a business. These
include accounting, customer service, purchasing, sales, operations and
executive or managerial positions. Not surprisingly, these are also the
employees who have access to the money and can easily alter transactions.
Whether it involves tampering with payroll, check writing or other actions,
it is pertinent that business owners keep tabs on their staff and pursue
legal action if necessary.
How much is lost to fraud?
According to The Association of Certified Fraud Examiners (ACFE) it has
been estimated that fraud and embezzlement are at fault for companies
losing nearly 5% of their revenue. When looking at the nation's Gross
Domestic Product (GDP), this total comes out to $730 billion in annual
losses. Sadly, small businesses appear to be hurting the most from fraudulent
activity, losing approximately $150,000 from these types of crimes compared
to larger businesses losing $80,000.
The legal team at our firm seeks justice and has immense concern for each
business dealing with fraud. We are here to
protect the rights of businesses that are operating on honest principles by aggressively pursuing legal action against others who are engaged in
fraudulent business activities.
Defining Illegal Business Actions
Looking at criminal law, fraud is defined as deceiving another for personal
gain or with intent to harm an individual or group. It is considered a
crime in the United States and can be penalized by extensive fines and
time in prison. When it is related to business there many different ways
that fraud can be committed. It can come in the form of internal employee
fraud, bribery and corruption within a corporation or even false financial
documents. Below is a list of some of the most common types of fraudulent
activity related to the financial aspect of business:
Embezzlement: One of the most frequent types of fraud, also known as larceny, occurs
when an individual utilizes funds within a business for their own personal needs.
Payoffs: When an employee works a deal with another company to accept cash or other
positive benefits in exchange for business. Oftentimes the employee will
take the extra cash and take it for their own, costing his or her company
extra money for products. This can even be classified as bribery in some cases.
Skimming: Workers who do not properly record the company's revenue and take
cash from receipts that have been filed.
Internal theft: This occurs when an employee steals assets from a company such as certain
supplies or goods. Oftentimes this can be the cause of inventory issues
and missing products.
There are a myriad of other ways that fraud can occur and whether it is
trademark infringement or
negligent misrepresentation, we provide an experienced and insightful approach to every case we take
on. Today's world has seen unscrupulous and deceitful practices throughout
the business community and amongst the executives of some of the largest
and most established institutions in our country. Effecting change in
these areas can be accomplished through experienced and skilled legal action.
Unparalleled Commitment to Justice
In this climate, businesses are sometimes accused of business fraud unjustly.
No matter what the circumstances of your situation are, we want you to
know that our business lawyers can help. We have
taken on Fortune 500 companies and represented clients against some of the most costly and prestigious
law firms in the country. Our skill has been demonstrated in these cases.
We are committed to our clients and the protection of their rights, as
well as seeking justice for them.
Fraud is much like a cancer. It is insidious and can be difficult to detect.
Once detected, it can be challenging to expose and bring to a stop. The
skill and experience of your business attorney is a vitally important
factor to the outcome of your case. Our Los Angeles business litigation
lawyers will work diligently with you to bring about the most successful
outcome possible. In cases of fraud, it is important to take legal action
that is likely to resolve in your favor.