Pension fraud involves the use of deceit or misrepresentation in connection with a pension claim. Pension fraud frequently involves one of two situations:
The first type of pension fraud generally involves conflicts between a worker and their employer. The dispute may involve claims that the employer has acted fraudulently in providing or denying pension benefits.
The second type of pension fraud can include many different scams and fraud schemes that are typically aimed at obtaining a retired person’s private information. Once the information is obtained, the fraudster may then steal or misappropriate the person’s pension savings. An example of this is a mortgage fraud scheme that uses a fake mortgage arrangement to obtain confidential information.
Some examples of pension-related fraud by an employer include:
Some examples of other types of pension fraud include:
Pension fraud can also involve a trustee or other third party who is entrusted to care for the pension holder’s assets. This can involve violations such as commingling assets or using the person’s funds for personal gain.
Pension fraud typically results in a civil lawsuit against the party responsible for the fraud. This will usually end up with the court issuing a damages award to help the victim recover their lost funds or benefits. In many cases, criminal charges may also be involved, especially for those cases involving tax fraud or other white-collar crimes. Criminal penalties often involve some amounts of jail time and criminal fines.
Pension benefits and retirement plans often involve significant amounts of funds. You may need to hire an employment lawyer if you need help managing or negotiating a pension plan. Your attorney can help ensure that your interests are being fully protected and can alert you to newer fraud schemes. Also, your lawyer can represent you during trial if you need to file a claim for legal damages.
Last Modified: 11-19-2017 10:49 PM PSTLaw Library Disclaimer
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