Penalties for committing fraud vary depending on the type of fraud. For tax fraud, possible prison time ranges from less than a year to as many as five years, according to the U.S. Internal Revenue Service. Monetary fines range from less than $100,000 for individuals to as much as $500,000 for corporations.
Many other types of criminal fraud exist, including those relating to credit cards, insurance, mortgages and forgery. Making false statements to the government to secure benefits also constitutes fraud, according to Cornell University Law School. For example, misrepresentation of an individual's identity to collect Social Security benefits illegally can result in fines of up to $10,000 for each instance and prison terms up to five years. Both state and federal laws address various types of fraud, which is typically considered a felony offense and is punishable by jail time, fines or both, according to FindLaw. Certain types of fraud also can result in civil penalties.
In all cases, fraud involves purposeful deception by providing false information for illegal gain, according to Wikipedia. Benefits gained as the result of fraud can be money or something else of value, such as a drivers license secured by providing untrue information. Fraud can be carried out over the phone, through the mail and over the Internet, where difficulties with verifying identities make it relatively easy to steal credit card information.Learn More
The penalties for driving on a suspended license vary by state and include fines, jail time and continued suspension of the driver's license, according to CriminalDefenseLawyer.com. The penalties are often more severe for repeat offenders. Driving after the suspension period has passed without satisfying the court's requirements for license reinstatement can result in being found guilty of driving with a suspended license or driving without a valid license.Full Answer >
Sentences for credit card fraud vary based on jurisdiction and the value of the fraudulent charges. Some states punish felony fraud with up to a $25,000 fine and 15 years in prison. Misdemeanor fraud is punished at up to a $1,500 fine and one year in jail.Full Answer >
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To report Social Security fraud, an individual must contact the Social Security Administration's Office of the Inspector General, fill out a fraud allegation and provide details about the potential suspect or victim, notes the official website of the Office of the Inspector General. Individuals reporting fraud may remain anonymous.Full Answer >