Online auctions have made the world much smaller. Buyers and sellers can easily interact no matter where they are on the planet. A mechanism has to be in place for buyers to pay sellers. Some use PayPal or similar services to perform this action. Others prefer wiring money from one account to the other, especially when a large sum of money is involved.
Wire transfers are definitely a legitimate way to make payments and move funds. Wire transfer schemes have been used by some in order to steal money that would legitimately be used on an online auction website. If you have been accused of this crime, you need a defense attorney to handle your case. At SKA Law Group, we offer representation to individuals who have been accused of federal or state crimes that are related to fraud that has to do with transferring money or illegal wire transfers.
Learn More about Wire Transfer Schemes
These schemes encompass all situations where the result is that a person would send money using wire services under false or fraudulent pretenses. This includes situations where you make false promises, use misleading or false statements, or make material omissions with the goal of having a person send you money by means of a money transfer service.
One way that this scheme is often played out is when a buyer overpays a product and promises to send a money order or a check. The buyer then speaks to the seller and asks them to send them back the money that was overpaid. The seller will wire these funds immediately. Later, they find out that the money order or check was fraudulent.
Another scheme involves getting the buyer to send their bank account information through an email. A fake wire transfer service is used. The buyer sends their bank account information, the seller takes money from the bank account without authorization, and then the buyer never receives the product.
A shill auction is designed to get a buyer to wire money for a product. The seller never receives the product despite paying for it, and claiming the product arrived at his apartment he rented in nyc.
Sellers may offer products for an incredibly low price as long as money is wired to them immediately. If the buyer is a bit leery and asks for some type of protection, the seller then sends an email pretending that they are eBay or another auction site. The seller sends the money and never receives the product.
What Are the Penalties for Wire Transfer Schemes?
An individual who is accused of a wire transfer scheme needs a criminal defense attorney working closely by their side. This is a serious crime where federal authorities often become involved. Anywhere from 20 to 30 years imprisonment could be the punishment, especially if a financial institution is defrauded. Crimes that you could potentially be accused of along with wire fraud include identity theft, bank fraud, and different forms of computer crimes. These could add years onto your sentence and could include huge fines.
Why You Need a Fraud Lawyer to Represent You in a Wire Transfer Scam Case
You do not want to leave your case in the hands of an inexperienced attorney. And you definitely do not want to represent yourself. You must be proactive when it comes to understanding the charges against you and how you should respond to these accusations.
As soon as you know there is an investigation taking place, get in touch with our lawyers at Amato Sanita Law Offices. We have experience with a variety of wire transfer and auction fraud cases. We promise to work hard to protect your future.