N.Y. Penal Law 176.65 – Life settlement fraud in the first degree
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§ 176.65 Life settlement fraud in the first degree.
Attorney's Note
Under the New York Laws, punishments for crimes depend on the classification. In the case of this section:| Class | Prison | Fine |
|---|---|---|
| Class B felony | between 1 and 25 years | up to $30,000 |
Terms Used In N.Y. Penal Law 176.65
- Fraud: Intentional deception resulting in injury to another.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A person is guilty of life settlement fraud in the first degree when he or she commits a fraudulent life settlement act and thereby wrongfully takes, obtains or withholds, or attempts to wrongfully take, obtain or withhold property with a value in excess of one million dollars.
Life settlement fraud in the first degree is a class B felony.