Forgery involves creating or holding documents that have been modified in some unintended way. As per the Forgery laws in Colorado, it is illegal to create, alter, and possess any written document with an intent to deceive or trick someone. In simpler terms, it is an act of lying and making false representation to prompt an individual to give up their property and deprive him or her of what is rightfully for your own benefit.
Types of Fraud Crimes
Some of the examples of frauds in Colorado include –
1. Identity theft
It is a crime where the personal and financial information of a person is obtained for the purpose of facilitating a purchase or transaction. There are different types of identity theft, including medical, criminal, child, and financial identity theft. In Colorado, this forgery is punishable up to USD 500,000 in fine and up to six years of jail.
2. Credit card fraud
Credit card fraud occurs when a thief or fraudster uses your credit card or its information and uses it without authorizations and makes a transaction in your name. Possessing an unauthorized credit card is considered class 1 misdemeanor. If you have multiple unauthorized credit cards, you might be seeing more severe charges, including serving prison time.
3. Investment fraud
Investment fraud encompasses the sale of financial instruments. Some common examples of general investment fraud are low or zero risk investments, unrealistically consistent returns, guaranteed returns, unregistered securities, etc. Investment fraud is class three felony for which you could be sent to jail for 4 to twelve years, along with fines ranging from USD 3,000 to USD 750,000.
4. Workers’ compensation fraud
Workers’ compensation fraud involves any misrepresentation or lies from the side of an employee, employer, or provider in order to gain financial benefits. For instance, an employee may lie about his or her illness or injury to get more compensation. It is a class-five felony that might include e prison time of around 12 to 18 months and fine up to USD 100, 000.
5. Insurance fraud
Insurance fraud is a criminal act that could be done either by the buyer or seller of a particular insurance contract. Insurance fraud from the sellers happens when they sell policies under false pretenses; fail to provide premiums, and selling out policies to make more commissions. Buyers insurance fraud happens when they make exaggerated claims, post-date their polices, provide a false medical history, etc. Insurance fraud is a class-5 felony where you could end serving three years of prison time along with USD 100,000 fines.
6. Social security fraud
Social security fraud is a broad concept that involves improper payments. So they could be divided into multiple subcategories. This occurs when social security remits are paid to the wrong person for the wrong reasons, such as inadequate documentation, administrative errors, unverified data errors, etc. It is determined as a class-three felony, which punishable up to 12 years along with fine between USD 3,000 to USD 750, 000.
7. Tax fraud
Tax fraud happens when a business or person intentionally or wilfully falsified information on the tax return documents to reduce their tax liabilities. It is a class-five felony which is punishable by three years of prison time along with fine charges of USD 5,000 for business entities and USD 100,000 for a person.
Above are some of the popular forgery cases that occur in the state of Colorado. Additionally, there are also charges associated with these fraud cases. If you find yourself among any of these cases, you must hire an experienced lawyer to represent you.