Penalties For Fraud In Insolvency (N.J.S.A. 2C:21-13)
Financial hard times are painful, but if you’re preparing for bankruptcy, or a court has ordered that a receiver or trustee be placed in charge of your assets for the benefits of your creditors, you are not allowed to take action that will defraud the receiver, the court, or your creditors.
Falsifying records, destroying, selling, transferring, or altering property, or misrepresenting or concealing property from the receiver or the creditors, is a crime under New Jersey’s Fraud in Insolvency statute (N.J.S.A. 2C:21-13).
Penalties for Fraud in Insolvency are based on the dollar value of the fraud.
If the fraud is worth less than $1,000, you’ll face a fourth degree charge and up to 18 months in prison.
If the fraud is worth less than $75,000, you’ll face a third degree charge, and can be sentenced to three to five years in prison.
If the fraud is worth more than $75,000, you’ll be charged at the second degree level and can go to prison for up to a decade.
You’ll also face fines and restitution at all levels.
Matthew Reisig is a criminal defense attorney who has been protecting clients’ rights and freedom for almost two decades in New Jersey.
If you’re facing allegations of fraud, call 732-625-9661 today for a free consultation.