Wire fraud is a type of fraud that happens when two or more people in different states try to steal money from each other. It can include emails, faxes, phone calls, and other forms of communication that use wires between states. You can use a landline, a cell phone, a computer, or a public network service to send these messages. Some common types of wire fraud are telemarketing scams and phishing scams that happen online.
Cases of wire fraud are looked into and prosecuted by the Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI). But some states also have laws that apply to these crimes, and the person who did it could also be charged with a state crime. Both wire fraud and mail fraud are covered by federal laws. Wire fraud is any fraudulent activity that uses an electronic communication facility to do the crime. Phishing scams that try to get sensitive personal financial information are a common type of wire fraud.
Depending on the type of wire fraud, a person can get up to 30 years in prison and a $1 million fine if they are found guilty. Depending on how big the scheme was, the government can bring more than one wire fraud charge. In some cases, the government can ask for money instead of jail time. Cases of wire fraud are also looked into by the Federal Trade Commission. There are many different kinds of wire fraud, but most criminals can expect to spend at least a year in prison and pay a fine of $250,000.
The time limit for wire fraud is five years, but in cases involving financial institutions, it can be extended to ten years. This means that time is often of the essence in these cases, especially if the fraud involves money laundering, terrorism, or other financial crimes. Prosecutors can also go after the financial institutions that didn't have the right safety measures in place and punish them. Mail fraud, which is fraud done through the US mail system, is covered by a similar law.
The founder of Theranos, Elizabeth Holmes, was charged with ten counts of conspiracy to commit wire fraud earlier this year. Her conviction led to a best-selling book, an HBO documentary, a podcast, a Hulu limited series, and a new Jennifer Lawrence movie that will come out soon. Holmes may spend up to 20 years in jail if she is found guilty of these crimes.
As a result of the charges, Elizabeth Holmes, the former CEO of the blood testing company Theranos, was found guilty on four counts of wire fraud. She was also found guilty of working with others to scam investors in her company. She is accused of stealing billions of dollars, scamming investors, and breaking federal securities laws. Holmes was also found guilty of a conspiracy to commit wire fraud against investors, which was on top of the other charges.
Holmes and Balwani have said that they are not guilty. Next year, each of them will be tried on their own. If Holmes and Balwani are found guilty, they will probably go to prison and might have to pay fines. They will also have to pay money to the people who were hurt. But it's likely that they can fight the charges.
Elizabeth Holmes is being charged with three counts of criminal wire fraud, one count of conspiracy to commit wire fraud, and one count of conspiracy to commit wire fraud. Holmes and Balwani are accused of running a scheme to scam investors out of a lot of money. You could go to prison for up to 20 years if you are found guilty.