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A Definite Guide to White Collar Crime

White Collar Crime

White-collar crime refers to activities that are illegal as well as non-violent. These crimes are committed for financial gain. These are characterized by a violation of trust, deceit, or concealment. Usually, government employees and business professionals commit these crimes. The purpose of this crime is to obtain or avoid losing money, services, or property or to obtain a personal or a business advantage.

Types of White-Collar Crimes

White-collar crimes are the ones that are committed with the purpose to financially enrich perpetrators. These crimes might involve misrepresentation of the finances of corporations or fraudulent investment opportunities. The list of common white-collar crimes includes

Corporation Fraud

This crime is considered a priority. The reason behind this is its potential to cause significant losses to investors and damage the economy of the nation and investor confidence. Corporate fraud might include falsification of financial information, or self-dealing. In this, the employees of the company act to enrich themselves that too at the expense of the investors as well as other parties. 

Embezzlement

When an individual has control over the money of another person and steals part of it or all to increase his/her bank account, it is known as embezzlement. Legally, the offender possesses access to money, however, he/she does not have ownership of money. For instance, a manager at a store embezzles money entrusted to him by transferring money in his personal account without the authorization of the store.

Money Laundering

Money laundering refers to the process of earning cash from illegal activities. The activities include drug trafficking that appears to be income from a legal business. Commonly, the money is laundered through international trade, Bitcoin, real estate, precious metals, or other virtual currency. For instance, a drug dealer makes money illegally and filter into a legitimate business and make it appear business made the money. 

Extortion

Extortion is one of the common white-collar crimes. It involves coercing an institution or an individual to relinquish property, services, or money with threats. The threats could be bodily harm or injury, threats to inform the police, threats to ruin the reputation, or threats to property or loved ones of any individual. In case someone threatens to cause harm by weapons, poison, or harmful chemical agents, they could be accused of extortion and punishable by 4 to 12 years of jail. 

Bankruptcy Fraud

Bankruptcy provides financial relief to businesses and individuals who are burdened with overwhelming debt. It can be done at the creditor’s expense who could collect only a small part of the non-essential assets of the debtor. Bankruptcy frauds involve hiding the assets or property intentionally and keeping them away from the creditors during the process.Apart from these, another common white-collar crime is tax evasion. When you do not pay the taxes or pay less than the amount you need to, you can be charged with tax evasion. There are chances you could be charged under Colorado State as well as federal laws. In Colorado, individuals with tax evasion charges might pay $100,000 and 3 years in jail. In case you are facing charges of any white-collar crime, consulting an experienced Colorado criminal defense lawyer is advised.

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