N.Y. Penal Law 176.70 – Aggravated life settlement fraud
Current as of: 2024 | Check for updates
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§ 176.70 Aggravated life settlement fraud.
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 D felony | between 1 and 7 years | up to $5,000 |
Terms Used In N.Y. Penal Law 176.70
- 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 aggravated life settlement fraud when he or she commits a fraudulent life settlement act, and has been previously convicted within the preceding five years of any offense, an essential element of which is the commission of a fraudulent life settlement act.
Aggravated life settlement fraud is a class D felony.