Long Island Loansharking Lawyer

Loansharking Attorney in Long Island, NY

There are few things more stressful than being accused of a crime, and loansharking is considered a felony in New York. If you’re facing charges for lending money at extortionate rates, you can turn to a Long Island loansharking lawyer for help. The ideal time to find a lawyer is immediately after your arrest, but you can benefit from hiring an attorney at any point in the legal process.

Trust the Law Office of Jonathan Savella

You can trust the Law Office of Jonathan Savella to provide you with an aggressive defense against loansharking charges. Our office has worked on numerous loansharking cases over the years, and in that time, we’ve developed an acute understanding of loansharking laws and how they can be applied to your case. Let us help you develop an effective defense against the charges you’re facing.

Why Hire a Loansharking Lawyer?

While there is no specific data on the prevalence of loansharking in the US, it’s clear that it poses a serious threat. On a larger scale, one OECD survey found that, on average, 43% of people had borrowed money informally, often from loan sharks. Data from a British study shows that almost half of the people who borrow from loan sharks are working, and nearly all report extreme worry and stress. An astonishing 14% of people in the study attempted suicide.

It should come as no surprise, given these statistics, that countries across the world, including the United States, take loansharking quite seriously. That’s why it’s so important for anyone accused of this crime to hire a loansharking lawyer right away. You don’t want to face felony charges at the Nassau or Suffolk County Court alone. Your lawyer can protect your rights throughout the legal process and help to ensure an optimal result in your case. If you are also facing charges related to other complex white-collar crimes, such as Long Island health care fraud lawyer services may be necessary to protect your rights.

What Is Loansharking?

Loansharking refers to the act of lending money at extortionate interest rates, defined in New York as 25% or more, which meets the standard for criminal usury. New York also has a civil statute that defines usury as charging an interest rate of 16% or more.

You can be arrested for loansharking, whether you run a full business or have lent money to a friend or colleague at extortionate rates. Any loan that charges more than 25% interest is illegal, including money lent between friends at card games and between colleagues at work.

There are two elements of usury in the first degree. First, a person must receive an interest rate of 25% per year or higher on a loan they are not otherwise permitted by law to make. Second, the person must be part of an enterprise that made loans at an interest rate of 25% per year or higher. You can also be charged with criminal usury in the first degree if you have a prior conviction for either usury or attempted usury. Otherwise, you will be charged with usury in the second degree. This charge, like many others involving money, falls under the category of Long Island financial crime lawyer representation. Otherwise, you will be charged with usury in the second degree.

Potential Penalties for Loansharking

The potential penalties for loansharking are steep. New York Penal Law 190.42 codifies the laws on loan sharking, also known as criminal usury. It indicates that loan sharking in the first degree is a Class C felony punishable by 15 years in prison and a fine of either $5,000 or double the amount gained by committing the crime of usury. Your Long Island loansharking attorney may be able to help you avoid the worst of these penalties. These penalties can be as serious as those for other white-collar offenses like Long Island embezzlement lawyer cases. Your Long Island loansharking attorney may be able to help you avoid the worst of these penalties.

If you’re convicted of usurious lending, your borrowers are entitled to receive the interest paid; the loan will be voided, and the money will be returned to the victim, unless the lender is an official lending institution. In that case, the lender is required to return all the interest, including the non-usurious portion, and to pay the victim twice the amount of the interest. A lawyer can help you prepare for the serious ramifications that may arise from facing a grand jury investigation in these types of financial cases.

FAQs

What Charges Fall Under Loansharking or Illegal Lending in Long Island?

The charges that fall under loansharking or illegal lending in Long Island include criminal usury in the first or second degree, extortionate collection methods, or the illegal provision of payday loans. The charges you face will vary based on the specifics of the crime, the interest rates you charged, and whether you have any prior convictions.

How Does New York Law Define and Prosecute Loansharking Crimes?

New York law primarily defines loansharking as criminal usury in the first or second degree, which can be defined as knowingly charging an interest rate of 25% or more on a loan as part of a business. Prosecution can also involve criminal charges of extortion or enterprise corruption and can lead to steep penalties, including fines, asset forfeiture, and imprisonment.

What Are the Potential Penalties for a Loansharking Conviction in Long Island?

The potential penalties for a loansharking conviction in Long Island include significant fines, asset forfeiture, and imprisonment for not more than 15 years. New York’s Enterprise Corruption Act also allows for fines equal to up to three times the gross value of the benefits gained or the losses caused to be levied against convicted defendants.

How Can a Long Island Loansharking Defense Lawyer Help Protect My Rights?

A Long Island loansharking defense lawyer can help protect your rights by explaining the charges being brought against you, helping you collect evidence, and coming up with an effective defense strategy to fight the charges. Your lawyer will also be able to identify any instances in which your constitutional rights were violated and may be able to use those violations to get evidence thrown out, or even get your case dismissed entirely.

Your Long Island Loansharking Lawyer

If you’ve been accused of lending money at extremely high rates, you need a Long Island loansharking lawyer who can provide you with a robust defense against these charges. You can trust Jonathan Savella. He began his practice in 2010 and has been focused on criminal defense exclusively since 2015. Our team has taken on many loansharking cases in the intervening time.