White Collar Crime of Glendale Man Gets Prison Time
The dailynews.com reported in a story on February 10, 2009 that Carlos Serrano, 64 of Glendale has been sentenced by the U.S. Justice Department to 18 months prison time and ordered to repay nearly $1,000,000 in restitution. He was convicted last September of bank fraud and conspiring to commit bank fraud against First International Bank of Connecticut and Export-Import Bank of the United States. Serrano is one of 8 people who were being investigated for conspiring to commit bank fraud worth more than $80 million.
White collar crime is used a lot these days, you hear it in the news and media, yet few know what it really means. White collar crime in Los Angeles is an act of theft or other criminal conduct which violates a corporate or government officer’s fiduciary duties. Thus, if a person is acting in a position of financial trust or management for a client, a business, or a government agency, and they do something illegal, stealing the company’s funds, for example, then that person has committed a white collar crime. Thus the key element in the definition of white collar crime is that a person has been placed in a position of trust and that they have used that position to unjustly enrich themselves at the expense of the organization or client for whom they work.
The Los Angeles white collar crime defense attorneys at the Law Offices of Lawrence Wolf have a long history of successfully handling the defense of clients charged with ALL white collar crime matters in California. Please call (310) 277-1707 for a free consultation.
