The following, however, are potential penalties for misdemeanor and felony fraud convictions. A Class 1 misdemeanor for making false statements to obtain public housing assistance and money laundering can result in 12 months in jail and/or a fine of up to $2,500. A Class 2 felony can result in a minimum of 20 years in prison and a $100,000 fine. Depending on the circumstances and the charge, you could be sentenced to life in prison. Obtaining money through false pretenses and forging public records may be filed as a Class 4 felony.