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New York Penal Law § 155.42 – Grand Larceny in the First Degree

Criminal Defense Attorneys in New York Protecting the Rights of Those Charged With Felony Theft Crimes.

Grand Larceny in the First Degree is one of the most serious theft offenses in New York, involving allegations that the accused stole property valued at more than $1,000,000. Understandably, law enforcement, prosecutors and judges all take these offenses extremely seriously. Grand Larceny in the First Degree is a Class B felony.

Grand Larceny in the First Degree Elements

Each criminal offense consists of particular elements, which are factual aspects that the prosecution must establish beyond a reasonable doubt before a judge or jury can render a guilty verdict. If even one element is not established, the required outcome is an acquittal.

The elements of Grand Larceny in the First Degree are almost identical to other New York larceny crimes and include:

  1. The accused wrongfully took, obtained or withheld property from its lawful owner;
  2. The accused acted with the intention to permanently deprive the owner of their interest in the property or to assert control of the property for themselves.
  3. The property value exceeded $1,000,000.
Grand Larceny in the First Degree Examples

While there are various possible examples of Grand Larceny in the 1st Degree, due to the $1 million threshold for this offense, most cases involve financial crimes. Below are some examples:

  • A CEO commits fraud, resulting in millions of dollars in losses to investors.
  • A stockbroker engages in a course of fraudulent conduct, bilking investors for millions.
  • A group breaks into a museum and steals $1,050,000 in artwork and other valuables.
Offenses Associated With New York Law § 155.42

Frequently, prosecutors file charges of Grand Larceny in the First Degree along with one or more of the following:

  • Insurance Fraud in the Second Degree – NY Penal Law § 176.25
  • Insurance Fraud in the First Degree – NY Penal Law § 176.30
  • Healthcare Fraud in the Second Degree – NY Penal Law § 177.20
  • Healthcare Fraud in the First Degree – NY Penal Law § 177.25
  • Residential Mortgage Fraud in the First Degree – NY Penal Law § 187.25
Defenses to Grand Larceny in the First Degree?

Numerous defenses exist for Grand Larceny in the 1st Degree. A successful defense may lessen your sentencing exposure, lead to the prosecution withdrawing the case against you, or result in a "not guilty" verdict from the jury. Common defenses to New York theft crimes include:

  • You lacked the intent to permanently deprive the owner of the property.
  • The prosecution cannot establish the requisite “paper trail” connecting you to the alleged theft.
  • The rightful owner of the property intended for you to take and keep the property.
  • You inadvertently converted or comingled the allegedly stolen assets with your own.
What Are the Penalties for Violating NY Penal Law § 155.42?

Grand Larceny in the First Degree is a Class B felony. In New York, Class B felony offenses carry a maximum sentence of up to 25 years in prison as well as a fine of as much as $30,000. However, New York law permits the court to fine you up to twice the amount you gained from committing the offense. For example, if you committed fraud involving $1.5 million, the court could impose a fine as high as $3 million.

Are You Facing Allegations of First Degree Larceny?

If you were recently arrested and charged with larceny or any other white collar crime in New York, it is imperative that you secure dedicated defense counsel as soon as possible. At Tilem & Associates, P.C., we have more than two decades of experience providing our clients with the aggressive defense they need to overcome the serious charges they face. We are ready to meet with you immediately to begin crafting a strong defense against the charges you are facing. To schedule a free consultation today and learn more, please call 877-377-8666. Alternatively, you can reach us through our online contact form.

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