Business and Consumer Fraud
Realizing that you invested in a sham business or made a significant purchase that did not turn out as advertised, can be a devastating experience. Unfortunately, these types of misrepresentations, known as business and consumer fraud, happen every day. Whether you bought shares in a company that falsified records, or fell victim to a fake charity organization, for example, the business and consumer fraud attorneys at Parikh Law Group, LLC have the experience and know-how to help you recover, emotionally and financially.
Any deceitful action by a business that causes financial harm to another party can constitute business, or corporate, fraud. In order to be considered fraud, a representative of the business, typically an employee, must knowingly make false representations that result in economic damage to the plaintiff. Basically, the fraudulent act must include the intent to cause financial harm.
Types of Business Fraud
The ACFE found that in 2020, businesses lost a total of $3.6 billion to fraud. While any business may fall victim to these practices in some form or another, several of the more common types of corporate fraud were:
- Financial statements fraud
- Check and payment tampering
- Healthcare fraud
- Payroll fraud
- False expense reimbursements
- Investment fraud
Many cases of fraud are concealed by altering or destroying records. If you suspect that you or your business have suffered financial harm as a result of fraud, it is critical to consult with an attorney experienced in business and corporate fraud immediately
The legal team at Parikh Law Group, LLC has the knowledge, skill, and experience to investigate fraudulent activity, calculate damages, and position you for the best possible outcome. Contact us today for a confidential consultation about your case.
Similar to business fraud, consumer fraud involves a deceitful action by a business or its representatives, or a party claiming to be a business, intended to cause economic harm to an individual. Sadly, many of these schemes prey on society’s most vulnerable individual such as elderly or disabled persons.
Types of Consumer Fraud
As more and more consumers are making transactions over the internet and on the phone, fraudulent actors are following suit. As such, consumer fraud is rarely seen in-person in modern times. Common examples of consumer fraud include:
- Identity theft
- Mortgage fraud
- Fake charities, lotteries, and debt collectors
- Excessive and illegal fees, or over-billing
- Unpaid insurance claims
- False or misleading advertising
Consumer fraud can happen to anyone, and above list is not exhaustive of the many ways in which people can become victims of this type of fraud. It is common for consumer fraud schemes to occur when individuals are distressed and unlikely to notice a discrepancy, such as following the death of a spouse. You can protect yourself by remaining aware of your financial situation at all times, monitoring your credit report, and by being vigilant and on the look-out for potentially deceptive tactics.
What Can You Do If You Suspect Business or Consumer Fraud?
No matter the type of business or consumer fraud you may have fallen victim to, the perpetrators of such practices aim to steal money, assets, and other items. The steps you take to safeguard your finances, identity, and other resources should include:
Freezing Your Impacted Accounts
Whether you have experienced identity theft or suspect that an employee has been misusing a company account, immediately contact your financial institution and request a freeze on the affected accounts. Inform your bank of the suspected fraud and change any passwords and PINs. Some banking groups and credit bureaus offer monitoring services to keep an eye out for suspicious transactions, which you should also ask about when contacting them.
File a Complaint
There are several institutions that track and investigate reports of business and consumer fraud, both at the federal and state level. Two of these organizations are connected with the federal government, and review complaints from all over the nation. This means that if a bad actor operates in multiple areas, they can still be followed. At the federal level, you can file complaints with the Federal Trade Commission, and with the Consumer Financial Protection Bureau.
In addition to federal agencies, there are state organizations that investigate local claims of business and consumer fraud. For consumers in Chicago and surrounding areas, you should file complaints with the Illinois Attorney General, and with the Consumer and Employee Protection section of the City of Chicago.
Most importantly, you should contact an experienced Illinois fraud attorney. Navigating the complicated and diverse world of business and consumer laws can be challenging, but the legal team at Parikh Law Group, LLC has been fighting against businesses engaged in consumer fraud for years. We have an impressive track record of obtaining desirable results for our clients, and we will remain by your side throughout the entire process.
Contact a Business and Consumer Fraud Attorney Today
If you have been the victim of any type of business or consumer fraud or suspect that fraudulent activity may have been involved in a business transaction, the skilled legal team at Parikh Law Group, LLC can help. Contact us today for a confidential consultation about your case.