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People Vs Joseph Amico

Covered by NYDaily News. Las Vegas man accused of threatening a prominent attorney and making vile remarks.

Faced 10+ Years in Prison

People Vs. Anna Sorokin

Covered by New York Times, and other outlets. Fake heiress accused of conning the city’s wealthy, and has an HBO special being made about her.

Faced 3+ Years in Prison

People Vs. Genevieve Sabourin

Accused of stalking Alec Baldwin. The case garnered nationwide attention, with USAToday, NYPost, and other media outlets following it closely.

Faced Potential Charges

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Juror who prompted calls for new Ghislaine Maxwell trial turns to lawyer who defended Anna Sorokin.

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Meet Todd Spodek


The Spodek Law Group understands how delicate high-profile cases can be, and has a strong track record of getting positive outcomes. Our lawyers service a clientele that is nationwide. With offices in both LA and NYC, and cases all across the country - Spodek Law Group is a top tier law firm.

Todd Spodek is a second generation attorney with immense experience. He has many years of experience handling 100’s of tough and hard to win trials. He’s been featured on major news outlets, such as New York Post, Newsweek, Fox 5 New York, South China Morning Post, Insider.com, and many others.

In 2022, Netflix released a series about one of Todd’s clients: Anna Delvey/Anna Sorokin.

Why Clients Choose Spodek Law Group

The reason is simple: clients want white glove service, and lawyers who can win. Every single client who works with the Spodek Law Group is aware that the attorney they hire could drastically change the outcome of their case. Hiring the Spodek Law Group means you’re taking your future seriously. Our lawyers handle cases nationwide, ranging from NYC to LA. Our philosophy is fair and simple: our nyc criminal lawyers only take on clients who we know will benefit from our services.

We’re selective about the clients we work with, and only take on cases we know align with our experience – and where we can make a difference. This is different from other law firms who are not invested in your success nor care about your outcome.

If you have a legal issue, call us for a consultation.
We are available 24/7, to help you with any – and all, challenges you face.

Issuing A False Financial Statement

By Spodek Law Group | October 18, 2023
(Last Updated On: October 19, 2023)

Last Updated on: 19th October 2023, 02:11 pm


Issuing A False Financial Statement

Issuing a false financial statement can get a company into big trouble. It’s against the law to purposely report wrong financial information to investors or government agencies. Let’s break down what a false financial statement is, why companies do it, what the penalties are, and how companies can avoid making this mistake.

What is a False Financial Statement?

A false financial statement is when a company publishes financial information that is intentionally misleading or inaccurate. This includes lies about revenue, profits, assets, liabilities, or any other numbers that give investors the wrong idea about the company’s financial health.

Some common ways companies falsify financial statements:

  • Overstating revenue or profits to appear more successful
  • Understating expenses to inflate profitability
  • Hiding debts or other liabilities using off-balance-sheet accounting
  • Exaggerating the value of assets
  • Using fake accounting entries to misrepresent financials

Public companies are required to file regular financial reports with the SEC. Private companies don’t file with the SEC, but they still can’t lie on financial statements given to investors, lenders, or tax agencies.

What Are the Penalties for False Financial Statements?

Issuing intentionally false financial statements is securities fraud under federal laws like Section 1348 and the Sarbanes-Oxley Act. Penalties can include:

  • Up to 25 years in prison
  • Fines of up to $5 million for individuals, higher for companies
  • Paying back any money obtained through the fraud
  • Being barred from serving as an officer or director of a public company

Companies can also face huge lawsuits from shareholders for losses caused by the false statements. And they may get delisted from stock exchanges or go bankrupt from the reputational damage.

How to Avoid False Financial Statements

The best way for companies to avoid issuing false financials is to foster a culture of ethics from the top down. But there are some specific steps management can take:

  • Perform rigorous audits – Double check financial reports for accuracy and compliance with accounting standards.
  • Watch for red flags – Investigate if numbers seem inconsistent or too good to be true.
  • Don’t pressure executives – Avoid setting unrealistic earnings targets that motivate fraud.
  • Protect whistleblowers – Employees will report unethical behavior if they feel safe.
  • Strengthen internal controls – Software checks, approval procedures, and oversight prevent fraud.

Lying on financial statements may offer short-term gains. But in the long-run, honest and transparent reporting builds trust with stakeholders and leads to sustainable success.

Issuing false financial information is a serious offense with major consequences. Companies should take care to report accurate numbers and create a culture of integrity. This protects investors and the company itself from catastrophic damage down the road.

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I was searching for a law firm with some power to help me deal with a warrant in New York . After 6 days I decided to go with Spodek Law Group. It helped that This law firm is well respected by not only the top law firms in New York , but the DA , Judge as well. I...

~Fonder Brandon

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It was my good fortune to retain Spodek Law Group for representation for my legal needs. From the beginning, communication was prompt and thorough. Todd, Kenneth and Alex were the first people I worked with and they all made me, and my company Qumana skincare feel comfortable and confident that the team was going to work hard for me. Everything...

~A G

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After meeting with several law firms, I chose the Spodek Law Group not only for their professionalism and experience, but for the personal attention given to me right from the initial consultation. It is important to recognize how crucial having the right legal team is when faced with potentially life altering events that impact families and the lives of loved...

~George Cherubini

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