According to the manual, there is, if you have a lawyer. From page 47:
"The bribing of police officers can prevent the need for a case to ever get to court. If an officer is closing in on a suspect, a large amount of cash can result in the investigation being called off through a sudden lack of evidence."

Page 49 also mentions that keeping a hood off of the streets can cause a hood to drop off the FBI list, although they can still be arrested for minor crimes.

It is also worth noting that much of this section of the manual details ways to bribe officials to get your hoods released from prison after a trial, but the latest version of this game (sold here) reportedly has a bug where criminals will not ever get a trial in the first place
details here:
https://www.gog.com/forum/gangsters_organized_crime/does_this_version_include_the_no_one_ever_gets_a_trial_bug

I hope this helps