In September of 2024, the FBI released its Cryptocurrency Fraud Report, which included estimated losses in Pennsylvania of $123,530,269 with 1,773 complaints. Pennsylvania ranked 8^th among states for monetary losses in the Crypto Market. Crypto crime is challenging for law enforcement because of the speed and irreversibility of transactions. Investors may feel they have no choice but to file a complaint with the FBI, and many do. This complaint may even be reported online at the FBI's Internet Crime Complaint website. Many people anticipate this will lead to charges for those selling or marketing cryptocurrency in PA.

If you are charged with or accused of financial fraud, you need to take action to hire an experienced attorney immediately. White-collar crimes, including financial or crypto fraud, require knowledge and experience to defend. The LLF Law Firm Criminal Defense Team is experienced in financial and white-collar crimes. Call the LLF Law Firm at 888-535-3686 or submit your details online, and we will promptly contact you.

Financial or Cryptocurrency Fraud Crimes

The FBI investigates crypto losses because these crimes most often lead to federal white-collar crime charges. Cryptocurrency fraud allegations may lead to charges for:

• Wire Fraud, or Conspiracy to Commit Wire Fraud.
• Securities Fraud, or Conspiracy to Commit Securities Fraud.
• Commodities Fraud, or Conspiracy to Commit Commodities Fraud.
• Telemarketing Fraud.
• Fraud in Connection with Email.
• Misuse of Funds or Embezzlement.
• Violations of various other Securities laws.

Every case is different, and the charges against an individual depend on the case's alleged facts. Apart from these criminal charges, a crypto firm or seller may face a civil complaint from federal authorities.

Proposed PA Crypto Protection Law

As of October 2024, the PA House passed the Digital Assets Authorization Act with overwhelming support. If enacted, this law would protect the right to hold and use cryptocurrency, including to pay for government services. This crypto-friendly law will likely be enacted but will not change the existing regulatory framework for cryptocurrency and financial fraud. Still, hiring counsel who stays current on the rapidly evolving enforcement scheme in the cryptocurrency market will be important.

Federal Court

The federal court process presents many challenges to a defendant. You will be up against the federal government and its agencies, and they have substantial resources. It is helpful to find counsel who is comfortable communicating with federal prosecutors and knowledgeable about the intricacies of federal procedure. The LLF Law Firm prides itself on listening to clients and pursuing a defense that the client is comfortable with, leading to the best possible outcome.

The LLF Law Firm has a decade of experience defending people accused of white-collar crime in Pennsylvania. If you are charged anywhere in the Keystone State, the LLF Law Firm Criminal Defense Team can defend your freedom and good name. Call us at 888-535-3686 or submit your details online, and we will promptly contact you.