For South Carolina residents who are confronted by white-collar crime charges, it is important to understand the potential long-term consequences for a conviction. These allegations often involve those who are professionals in their field of finance, law and business. One such case involves an attorney who was in a prominent position at Apple.
The attorney has been indicted in New Jersey. He is accused of deriving financial benefit through stock trades based on inside information. However, his attorney is arguing that the man’s behavior was not illegal based on current law. The basis of that claim is that judges created the laws for these alleged activities and they did not come into existence through legislation. The argument is that the charges are therefore unconstitutional. Despite these types of criminal charges being upheld in the past, there has not been a judicial check on its validity.
Although in 2016 the U.S. Supreme Court upheld a decision in a case where arguments against it were similar, this is unfamiliar territory. This man saw Apple’s financial disclosures before they became public. He subsequently made trades profiting $227,000. He also saved himself possible losses of $377,000. This began in 2011. During the time the man was allegedly making these trades, Apple had restricted certain behaviors and this man was involved in implementing protocol. The charges include wire fraud and security fraud. There are six counts each with a potential jail sentence of 20 years per charge. There is also the possibility of fines of more than $5 million.
Given the difficulty in understanding the complexities of the law related to insider trading and white-collar crimes, it might be essential to have legal advice from an attorney with experience from all perspectives. That includes the viewpoint of the prosecutors. The legal penalties can be significant. There can also be a personal and professional impact as people can lose their law license, a financial license and be viewed unfavorably in the community. Having legal assistance from a firm experienced in white-collar crimes may help with a defense.