Issuing a False Financial Statement is a financial fraud crime. This charge is codified in New York Penal Law Section 175.45.

Issuing a False Financial Statement Charge Explained

Under New York Penal Law Section 175.45, a person is guilty of issuing a false financial statement, when with intent to defraud, s/he:

  1. Knowingly makes or utters a written instrument which purports to describe the financial condition or ability to pay of some person and which is inaccurate in some material respect; OR
  2. Represents in writing that a written instrument purporting to describe a person`s financial condition or ability to pay as of a prior date is accurate with respect to such person`s current financial condition or ability to pay, whereas he knows it is materially inaccurate in that respect.

Sentencing and Penalties for Issuing a False Financial Statement

Under New York Law, issuing a false financial statement is a Class “A” Misdemeanor. As such, this particular charge is punishable by:

  • Up to 1 year in jail
  • Probation (2 to 3 years);
  • A split sentence (up to 6 months in jail, rest of the time on probation);
  • Conditional Discharge (with the Court setting additional conditions at sentencing, such a restitution or completion of community service);
  • Unconditional Discharge (no sentencing conditions set by the sentencing court);
  • Time Served (even if just the few hours spent on arrest processing).

Frequently Asked Questions Regarding Issuing a False Financial Statement Charge

1. What is the Statute of Limitations for Issuing a False Financial Statement?

Under New York State Law, the severity of the charge controls the length of the statute of limitations As this charge is a Class “A” misdemeanor, the applicable statute of limitations is 2 years. Importantly, many things can toll or delay the statute of limitations, such a being absent from a jurisdiction. You should consult an attorney to see if any of the exclusions apply to your case.

2. Am I eligible for a Desk Appearance Ticket (DAT) for Issuing a False Financial Statement?

Yes, you will be eligible to receive a Desk Appearance Ticket for this charge, assuming you don’t have any other warrants, or holds. Additionally, most other white collar crimes (misdemeanors, Class “E” and Class “D” felonies) are eligible for Desk Appearance Tickets. Thus, if you are arrested for these charges, you will receive a ticket to come to court at a later date. Importantly, do not be misled into thinking your case isn’t serious. Even if you receive a desk appearance ticket, you may end up with a misdemeanor on your criminal record.

3. Will I Have a Criminal Record if I am Convicted of Issuing a False Financial Statement?

Yes, if you plead guilty or at convicted at trial of Issuing a False Financial statement, you will have a misdemeanor on your record. Importantly, under New York’s new sealing law (CPL 160.59), you should be able to seal your conviction after 10 years after you complete all of your sentencing requirements (such as probation, community service, or jail time).

4. What Criminal Charge are Related to Issuing a False Financial Statement?

Issuing a False Financial Statement is typically part of a fraudulent scheme designed to obtain money, or something else of value based on usually overinflated assets. As such, this charge is frequently coupled with:

  • Scheme to Defraud,
  • Grand Larceny,
  • Petit Larceny,
  • Falsifying Business Records,
  • Forgery, AND
  • Criminal Possession of a Forged Instrument.

Contact Top Rated New York White Collar Defense Attorneys

If you or your loved one has been charged with New York Issuing a False Financial Statement, you need experienced white collar criminal defense counsel. We have handled countless white collar fraud cases in federal and state courts. Check out our representative cases and schedule your consultation today.