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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%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.
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 the business lawyers at The Mirkhan Law Firm 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.
What is Business Fraud?
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.
Business fraud refers to the act of intentionally deceiving or manipulating individuals or entities for personal or financial gain within a business context. It involves various fraudulent activities conducted by individuals or groups, targeting organizations, employees, customers, investors, or even the general public.
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.
What are Common Types of Business Fraud?
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.
How Much Do Companies Lose 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. Our Los Angeles business fraud attorneys 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.
We Have an Unparalleled Commitment to Justice
There are a myriad of other ways that fraud can occur and whether it is trademark infringement or negligent misrepresentation, our business fraud attorneys in Los Angeles 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.
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.
Call (310) 504-1884 or complete a form to request a case evaluation with our Los Angeles business fraud attorneys at The Mirkhan Law Firm.