Working at a South Carolina business is highly rewarding, but your efforts can go up in flames if you are charged with fraud. The best thing to do is clear your name and continue with a clean slate. These are some common types of business fraud.
Payroll fraud involves stealing from the company by falsifying records, paying terminated employees or providing bonuses when they haven’t been authorized. Sometimes, payroll fraud occurs through misclassification of employees to the Internal Revenue Service.
Forgery occurs when a person falsifies signatures or creates fake records within a business. Usually, this involves theft of company funds, but it can also involve stealing property.
A common form of business fraud is asset misappropriation. This occurs when an employee misuses company assets for their own personal gain. Depending on the savviness of the individual who engages in this type of fraud, they can make it appear as though they never committed a crime in the first place. Asset misappropriation sometimes happens repeatedly.
When an employee steals goods to resell or for their own personal use, it’s considered inventory theft. This type of fraud involves changing inventory records or false claims that receipts are lost.
Business owners can also commit tax fraud to get out of paying higher tax amounts. In some cases, the person can skip paying taxes at all. This is one of the most serious types of business fraud as it costs taxpayers countless amounts of money every year.
Money laundering is a white-collar crime that occurs when money is illegally gained under the pretense of legal business operations. Sometimes, it involves drug trafficking, funding terrorist activity or other crimes.
Business fraud can negatively change lives. The best chance at a successful outcome in a business fraud case is a solid defense strategy.