Issuing a False Financial Statement, pursuant to New York Penal Law 175.45, is certainly not the most severe crime amongst its brethren in the arena of white collar crimes, but one that has serious ramifications beyond the criminal context. First of all, this crime is often associated with or is a part of a larger scheme. Therefore, you may not merely find yourself being investigated for or charged with Issuing a False Financial Statement, pursuant to New York Penal Law 175.45. Other crimes may be lingering right around the corner. However, before addressing those other crimes, let me present the statute of Issuing a False Financial Statement so you have a general understanding of the law.
Issuing a False Financial Statement New York Penal Law 175.45:
A person is guilty of Issuing a False Financial Statement when, with intent to defraud:
1. He knowingly makes or utters a written instrument which purports to describe the financial condition or ability to pay of some person and which is inaccurate in some material respect; or
2. He represents in writing that a written instrument purporting to describe a person’s financial condition or ability to pay as of a prior date is accurate with respect to such person’s current financial condition or ability to pay, whereas he knows it is materially inaccurate in that respect.
Issuing a False Financial Statement is a class A misdemeanor punishable by up to one year in jail
As I noted above, this crime is often associated with other offenses. If the purpose of your fraud, for example, is to obtain monies or property and in doing so you file or fill out additional paperwork you may be charged with Falsifying Business Records in the First Degree, Grand Larceny or other crimes. While only a few of the potential crimes, these offense are both felonies. Falsifying Business Records in the First Degree is an “E” felony punishable by up to four years in prison while Grand Larceny ranges from an “E” felony to a “B” felony and is punishable by up to four and twenty-five years in prison respectively.
Even assuming you were not successful in your “intent to defraud” as stipulated in the statute, i.e., you did not reap the benefit of your alleged fraud, you can still be charged with this crime. It goes without saying that if you work in finance, for example, while you may have dodged a more serious felony, a conviction for Issuing a False Financial Statement would have devastating ramifications to your career.
Regardless of the white collar crime you are being investigated for or charged with, contact the former Manhattan prosecutors at Crotty Saland PC so that your career, integrity and liberty are protected and preserved.