Often, people accused of white-collar crimes can face state charges, federal charges or both. It is no secret that federal law enforcement authorities have devoted a tremendous amount of resources to investigating and prosecuting financial and white-collar crimes since the financial crisis of 2008. As a result, many people working with securities and other financial products have faced federal indictments in recent years.

Recently, two longtime investment brokers in New York were indicted with 30 counts of white-collar crimes. The federal indictment paints a negative picture of the two men. They are facing a laundry list of charges, including conspiracy, mail fraud, wire fraud, securities fraud and tax fraud. However, it is important to note that these men are innocent until proven guilty, and an indictment, by its very nature, is a one-sided document that only gives the prosecution's version of events.

According to the indictment, the two defendants misappropriated at least $8 million dollars from their investors. Portraying the defendants in the most negative light possible, the indictment alleges that the men spent their clients' funds on extravagant homes, country club memberships, racehorses and even for paying their own income taxes. Unfortunately, news reports about criminal matters are almost exclusively derived from documents and reports, like an indictment, that come from law enforcement authorities.

Irrespective of the charges in any particular case, criminal defense attorneys understand that there is always more to the story than what is contained in an indictment and newspaper accounts of an alleged crime. As in any criminal case, the prosecution's case needs to be thoroughly examined in order to make certain that it is credible and not simply taken at face value. Serious accusations require a serious defense.

Source: Albany Times Union, "Feds: Brokers steal millions in scam," Brendan J. Lyons, Jan. 27, 2012