A former Anderson County, South Carolina, councilman has been federally charged with mail fraud for allegedly spearheading a silver Ponzi scheme. According to police, the former councilman sold silver investments and told investors that the silver would be held at a Delaware depository. After investigation, police allege the depository had no records of the councilman's business or the silver he sold. The councilman's charge is a felony, carrying a maximum sentence of 20 years in prison and a $250,000 fine.
Criminal charges like this that tend to deal with complicated financial and technological transactions are called white collar crimes. Since white collar crimes typically do not involve violence, victims usually focus on recouping their economic loss.
Therefore, many defendants facing white collar crime charges might be able to avoid trial and criminal penalties by coming to an economic agreement with the victim.
Serious punishments for white collar felonies require that the accused obtain the best defense possible. Since these offenses are complicated, a successful defense will pick apart the prosecution's theory, forcing them to prove every element of the crime. Many of these crimes require the prosecution to show a defendant had intent to commit the crime or had knowledge that the crime was occurring. Mental states are hard to prove, and a strong defense will know how to attack arguments to the contrary.
Criminal charges carry more than penal system repercussions. Business men and women who find themselves facing white collar criminal charges will also have to deal with the media, which ultimately holds their reputation in its hands.
For those of us who deal with several complicated financial transactions in South Carolina, it is important to know that charges can come at any time from almost anyone. For the man in this case, a staunch defense will be important should he desire to attempt to challenge the allegations or obtain a reduction in charges or sentence.
Source: GoUpstate.com, " in silver scheme," Mike Ellis, April 4, 2012
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