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

Grand Larceny in the First Degree is one of the most serious larceny offenses in New York, involving allegations that a defendant 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.

All criminal offenses have certain elements, which are facts that the prosecution must prove beyond a reasonable doubt before a judge or jury can return 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 defendant wrongfully took, obtained or withheld property from its lawful owner;
2. The defendant did so with the intent to permanently deprive the owner of their interest in the property or to take control of the property for themselves and
3. The value of the property exceeded $1,000,000.

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

• 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.

Often, prosecutors bring charges of Grand Larceny in the First Degree with one or more of the following:

• Grand Larceny in the Second Degree – NY Penal Law § 155.40
• 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 Second Degree – NY Penal Law § 187.20
• Residential Mortgage Fraud in the First Degree – NY Penal Law § 187.25
• Misapplication of Property – NY Penal Law § 165.00

There are many possible defenses to Grand Larceny in the 1st Degree. If successful, a defense may reduce your sentencing exposure, result in the prosecution withdrawing the case against you, or the jury returning a “not guilty” verdict. The most 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.

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.

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 immediately available to meet with you to get started working on a compelling defense to the charges you face. To learn more, and to schedule a free consultation today, call 877-377-8666. You can also reach us through our online contact form.