Hidden Bank Accounts
Hiding a bank account may serve several purposes. It is not illegal to set up an account without informing other parties regarding the matter. However, if a hidden account is created with the intention that it be used to aid in hiding stolen money, there may be legal repercussions. Penalties for this form of fraud can be significant, and might include both jail time and substantial fines if one is convicted.
If you are facing fraud charges, it is important to hire a skilled and experienced legal representative to defend your case thoroughly and vigorously. Contact the Milwaukee fraud defense attorneys of Kohler Hart Powell, SC, at (414) 271-9595 for a free consultation.
Crimes with Hidden Bank Accounts
Bank accounts are fairly simple to open, making it easy to establish and secure an account in which to hide large amounts of money. Money that is obtained illegally and subsequently deposited into such an account is likely to be associated with one of the following forms of fraud:
- Kickback fraud
Ill-gotten funds garnered through these crimes often go undiscovered for years, and might never be noticed. However, when the bank accounts that hold stolen money are found, the consequences can be severe.
If you have been arrested for fraud, your first action should be to speak with a criminal defense lawyer so that you can ensure that your legal rights are protected. Self-incrimination is genuine risk in the absence of legal representation. The Milwaukee fraud defense lawyers of Kohler Hart Powell, SC, are prepared to assist you through this difficult time. Contact us today at (414) 271-9595 for a free consultation.