What To Do If You’re Arrested for Financial Crimes

Getting arrested for finance-related crimes is a big deal. It immediately turns your life upside down and has potentially big consequences in store for you down the line. Whether you’re guilty or innocent, it’s important to take the proper steps immediately after getting arrested so that you can best handle your new situation. Below, we’ll offer some tips for what to do if you’re arrested for financial crimes.

Exercise Your Rights

One of the most important things you can do immediately after getting arrested is to exercise your rights. The biggest one is the right to remain silent. Once you’ve been arrested, don’t say anything to the police regarding your arrest or the charges against you. Anything you say to the police can ultimately be used in the trial against you, and you’re better off simply remaining silent.

In addition, you also have a right to a phone call. Use this opportunity to call someone for assistance, such as a family member, friend, or co-worker. Choose someone you trust who can help you out right away. 

Hire a Defense Attorney

After you’re arrested, you also have the right to an attorney. Call for a lawyer as soon as you’re able and let them handle the remainder of the process. If you don’t have a lawyer, one will be provided for you. Refuse to answer any questions from the police until you’ve had a chance to talk to your lawyer.

A good criminal defense attorney will know the best way to navigate your legal situation. Also, don’t feel like you need to use the same lawyer for your immediate legal needs and the long-term implications of your case. For example, if you don’t have a lawyer when you’re arrested, you can call for one to help you with the bail process and for immediate advice. However, you may wish to use a different defense attorney based on the specifics of your case if it goes to trial.

Prepare for Bail

In most cases, after you’re arrested, you’ll be released on bail until your trial begins. According to Bail Bonds Now, “When someone is accused of or arrested for a crime, bail is a condition of release, a bond or collateral submitted on behalf of a defendant’s pretrial release. Bail ensures the court a defendant will appear in court on his or her scheduled date, as well as obey any stipulations required in order for his or her release.”

The bail amount will depend on several factors, including your personal financial situation and the seriousness of the crimes. Once you post bail, you can live at home until the trial dates arrive.

Cooperate with Your Defense Team

While you await your trial, you’ll work with your defense team to prepare. This may include securing witness testimony, gathering important documents, or finding experts who can testify on your behalf. Whether you’re guilty or innocent, do everything you can to assist your defense team, and don’t keep anything from them. The more information they have, the better they can argue your defense.

Over the next few months, you’ll likely go through various legal proceedings. This includes pretrial motions, plea negotiations, and other court appearances. Your lawyer will let you know the specifics of your case and what’s required of you.

Manage Personal and Professional Fallout

In addition to the legal consequences of getting arrested, you’ll also likely have personal and professional repercussions. Even if you’re completely innocent of the allegations, getting arrested can lead to negative perceptions. You’ll likely want to start by talking with your close family members and friends, explaining the situation and what they should expect going forward.

After that, you can focus on the professional fallout. You may not be able to continue working at your job until the trial ends, or even after, which means you’ll likely need another source of income to pay for your daily expenses and legal fees. You should also develop a strategy for repairing your image following the trial, preparing messages for every potential outcome. Lastly, prepare for the possibility that you’ll need to find a new career and start over from the beginning.

Plan for the Long Term

Legal proceedings can take a long time to conclude. You should start preparing now for your long-term future, taking into account your new legal situation. For example, you may need to alter how much you’re saving for retirement to pay for legal fees or fines. It’s often a good idea to talk with a financial planner, who can help you map out strategies based on different legal outcomes. Having a long-term plan in place will make it easier for you to focus on your present situation and give all your attention to handling your legal situation.