What is a White Collar Crime?

White collar crimes may not be as physically violent as other offenses, but they can cause serious damage to the impacted victims. If you are facing criminal charges for a white collar crime in New York, it is imperative that you secure skilled legal representation. Reach out to a Ramapo criminal defense attorney today for more information.

What is a White Collar Crime?

A white collar crime is a non-violent offense generally committed for the purpose of financial gain. These offenses are typically committed in relation to business, government, or professional settings by individuals in a position of trust or authority.

The term “white collar crime” was created by a sociologist named Edwin Sutherland in 1939 and is meant to reference the white collared shirts that many business and government workers typically wore. It is now a broad term that covers a variety of criminal offenses that are financially motivated, non-violent, and committed by individuals or corporations.

What Are Examples of White Collar Crimes?

There are several types of white collar crimes, but they all involve some sort of financial gain. These offenses can significantly impact a person’s financial situation, ruin a company, and cost shareholders and investors millions of dollars. Below are some of the most common offenses that fall under this category.

• Fraud: One of the most common types of white collar crimes, fraud includes a variety of offenses committed by an individual for unfair or unlawful gain. It involves intentionally misrepresenting facts, concealing information, and other deceitful practices to mislead individuals or entities. A person can commit insurance fraud, healthcare fraud, mortgage fraud, securities fraud, etc.
• Embezzlement: Embezzlement occurs when a person in a position of trust misappropriates property and assets for financial gain. When a person has lawful access to funds or property but misuses them, it is considered embezzlement.
• Money laundering: This crime involves the “cleaning” of “dirty” money. When money is made through criminal activity or illegal means, individuals may send it through complex banking systems to make it look like the funds came from legitimate sources.
• Tax evasion: Tax evasion is the offense of failing to report income or falsifying information to reduce the amount of taxes a person or company is required to pay.
• Intellectual property theft: When a person or entity robs an individual or company of their ideas, inventions, etc., they have committed intellectual property theft. This can include sharing trade secrets, pirating movies and music, and more.

What Are the Penalties for White Collar Crimes?

Although white collar crimes are not violent in nature, they can still yield significant legal consequences. Victims impacted by these types of offenses could end up losing their life savings, having shares become worthless, losing their jobs, etc.

The legal penalties that an individual will incur for a conviction of a white collar crime will vary significantly depending on the type of offense they committed, the amount of money involved, the damage done to victims, and more.

If you are facing charges for a white collar crime, it is crucial that you secure skilled legal representation from an experienced attorney. Contact the Law Office of Kevin T. Conway today.