Getting tougher on fraud
Fraud has become a bigger problem worldwide according to Blackhawk Investigations and in a time when we are all far more conscious of the overall societal impacts of economic excess and cult of the individual, Governments and Judges worldwide are starting to get tougher on economic crime.
Whilst in the unprecedented Madoff case due to the sheer scale of the fraud, the number of people affected and the political nature of the case, a huge sentence was handed down, in many cases of fraud, a criminal can expect a sentence of less than 5 years which in reality can mean as little as 2 years in prison. This does not seem a big deterrent to someone seeking financial ill gotten gain of commonly millions.
In a recent case in Australia, based on a Ponzi scheme fraud (the same type as the Madoff case), the defendant, Simon Finnigan received a tough sentence of 10 years in jail for defrauding investors of $1.8 million.
The sentence is one of the toughest imposed for the offence in Australia, especially as the defendant pleaded guilty.