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Banking Fraud

California Bank Fraud Attorney

Bank fraud in California and across the United States is a very serious crime. Fraud is tough to identify. Most consumers realize they have been victims of fraud only after they have lost a substantial amount of money. All consumers are vulnerable to banking fraud, which can be committed by a bank agent, financial adviser or insurance agent representing a bank.  A person who is convicted of one count of bank fraud can be sentenced up to 30 years in federal prison.

Banking fraud can occur under a number of scenarios:

  • Bank Fraud: Bank fraud is the use of illegal measures to gain money or assets in a financial institution. Investment advisors, bank employees and seemingly friendly people commit bank fraud.
  • Tax Fraud: Tax fraud is committed when a person or entity knowingly violates their legal duty to file taxes.

A bank can sell an investment or financial product to a consumer without disclosing everything about the product, or the bank can charge unauthorized and undisclosed fees in association with a certain service. If this situation sounds familiar to you, attorney Ingrid Evans can help.

An experienced San Francisco bank fraud attorney can handle a wide range of cases involving:

  • Bank account fraud
  • Consumer fraud
  • Credit card fraud
  • Fraudulent financial services
  • Securities and stockbroker fraud
  • Tax fraud

Some other examples of banking fraud include:

  • Insurance, financial or banking products or investments that do not accurately or fully disclose surrender charges, penalties such as with deferred annuities being sold by a bank.
  • Overdraft fees or other charges that have been placed in a particular order by the bank in order to maximize charges to the customer.
  • Bank agents, financial advisers or bank insurance agents that sell deferred annuities or other unsuitable insurance products to customers or investors, including senior citizens.
  • Breaching a fiduciary responsibility by selling unsuitable investments (which may include insurance products and deferred annuities) to consumers. Senior citizens are often the target of unscrupulous bank employees who don’t closely follow the “know your customer” rule and suggest financial products with inappropriate risks or fees.

Some of the most common types of bank fraud include identity theft, fraudulent checks, phishing, forged banking documents and credit card skimming. As technology continues to advance, the means of illegally taking money that is not yours changes. Every year there is a new scheme or scam that results in hard working people losing their money. If you are a victim of bank fraud, the attorneys at Evans Law Firm, Inc. can help you develop a case to resolve the situation.

Insurance Companies that Sell Annuities through Banks

People often purchase annuities to be used as part of a well-rounded retirement plan, to provide an income of sorts after a person no longer draws a paycheck. An annuity payout plan can be set up for a specific period of time, or for life—and this is where the trouble begins for senior citizens, according to what the attorneys at our San Francisco bank fraud law firm have seen.

Any type of payment that is set up to be distributed over an extended period of time needs to have provisions in place for what should be done with the leftover funds in the event of the recipient’s death or incapacity. Because the premium is paid up front, the terms of agreement are very important to ensure that the purchaser of the annuity does not end up losing money.

In most fraudulent annuity contracts, the insurance agents, working through the bank, will try to talk an older consumer into a risky or impractical plan (usually one with a higher premium and longer pay-out plan) in the hopes that they will not end up paying out the entire premium and accrued interest in the long run. Your bank should work with you to determine the best plan for your lifestyle and your age rather than push you into an expensive plan that will not provide the maximum financial benefits.

The following are some well-known insurance companies that sell annuities in the State of California to senior citizen and some of these companies also sell through banks:

  • Massachusetts Mutual Life Insurance Company
  • Principal Life Insurance Company
  • Jackson National Life
  • Pacific Life Insurance Company
  • Aviva Life and Annuity Company – Athene USA
  • Genworth Life Insurance Company
  • Midland National Life Insurance Company
  • Bankers Life and Casualty Co.
  • North American Company for Life and Health Insurance
  • Security Benefit Life Ins Co
  • EquiTrust Life Insurance Company
  • Guggenheim Life and Annuity

If you purchased an annuity and would like to have it reviewed for free by an attorney, please contact us.

Blowing the Whistle on Tax Fraud

In IRS whistleblower cases the attorney you choose matters. Depending on the information you share, you can be entitled to up to 30 percent of the fees collected by the IRS as a result of your assistance. Whistleblower cases are often highly technical and complex.

If you are thinking about blowing the whistle, act sooner rather than later.  A California IRS whistleblower lawyer at Evans Law Firm, Inc. can help determine if your case qualifies for a whistleblower award and take the legal action necessary to ensure your best interests are represented.

The strongest tax fraud whistleblower cases involve a person who has inside access to documents that prove tax fraud is taking place. Once you decide to report the fraud, you should immediately consult an experienced California IRS whistleblower lawyer because only the first person to report a case is eligible for the reward.

Legal Action After Bank Fraud

In the era of the Internet, bank fraud is more prevalent than ever. Every year fraudsters get more creative—learning ways to convince people to give up their confidential financial information, or to steal it by means of fraudulent checks, identity theft and forged documents.

A heightened sense of awareness is the only thing that can help you prevent bank fraud. As experienced California bank fraud attorneys, Evans Law Firm, Inc. advises that you should always be keenly aware when dealing with financial institutions, investment advisors and your bills, credit cards and checks.  Your money is your biggest material asset, so you should do all you can to protect it.

If you look at your statements and notice charges that you did not make, you should report it to your bank immediately. If you believe your investment advisor has suggested investments that are contrary to your financial goals, you should contact the California bank fraud attorneys at Evans Law Firm, Inc. for guidance.

Contact Our California Bank Fraud Attorneys

For your convenience, we serve the Bay area, including San Jose, Sacramento and Oakland, and all residents of California. Please contact your Alameda County bank fraud law firm to schedule a free initial consultation. We can be reached at 415-441-8669.

We handle cases on an hourly rate and contingency fee (no win, no fee) basis and can accommodate Spanish inquires, hablamos Español.

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