Penalties For Receiving Deposits In A Failing Financial Institution (N.J.S.A. 2C:21-14)
New Jersey law protects depositors in banks and investment houses, and even allows the prosecution of those who take deposits when they know the institution will shortly cease operation or fall into receivership.
Officers, operators, and managers of financial institutions who accept deposits, premium payments, or other investments while knowing that the institution will fail, and knowing that the depositor, payor, or investor does not know that the institution is failing, can be charged with a crime of the fourth degree under N.J.S.A. 2C:21-14, Receiving Deposits in a Failing Financial Institution.
A person convicted could face up to 18 months in prison, although a defendant with a clean record may avoid jail because of New Jersey’s presumption of non-incarceration for fourth degree crimes.
You will face a $10,000 fine, and restitution payments.
Obviously, conviction of felony-grade financial crimes is likely to end your career in the industry.
Attorney Matthew Reisig has protected clients’ rights for nearly 20 years in New Jersey.
If you need assistance with Receiving Deposits In A Failing Financial Institution charges, call 732-625-9661 today and talk to an experienced New Jersey criminal defense attorney for free.