White-collar crime has become widely infamous within the past century. Arguably the most famous white-collar crime was conducted by Bernie Madoff and his Ponzi Scheme in scamming investors. Generally, a white-collar crime refers to fraud and crime committed by a business or by professionals. The motive behind white-collar crime is usually financial. The person, or entity committing the crime wants to avoid losing money, or property. In other cases, the person or entity wants to gain money in an illegal way which involves deceit and breach of trust. This article will discuss various types of white-collar crimes and potential punishment if charged and convicted.
Popular Forms of White-Collar Crimes
There are various forms of white-collar crimes. One of the most common forms of white-collar crime is corporate fraud. Usually, these cases involve falsifying financial information on documents. For example, providing falsified bank statements. In addition, the act of concealing evidence of corporate fraud is considered fraud as well.
Another form of white-collar crime is embezzlement. To embezzle money means to take money from a person or entity, without their permission for own personal use. For example, if a politician uses campaign money for their own person expenses, such as a purchasing a car, that is embezzlement.
Extortion is another popular form of white-collar crime. Extortion is when a person pressures another person, or entity into giving them money, property, or a service. An example of extortion is if someone blackmails their employer with embarrassing pictures and demands money to conceal them.
Bankruptcy fraud is also another form of white-collar crime. When someone is in a lot of debt, they usually find relief in filing for bankruptcy. The relief of bankruptcy happens at the expense of creditors who can receive a portion of non-essential assets from the person who is in debt. If the person who is in debt hides certain assets, they are committing bankruptcy fraud.
Punishment for White-Collar Crimes
Punishment for white collar crimes include paying restitution, fines, and imprisonment. Levels of punishment varies depending on the crime and the amount of harm that was done to one or more persons. Generally, victims of white-collar crimes are harmed financially, emotionally, and mentally and very rarely is a person physically harmed. Prison sentences vary depending on the amount of money that was stolen or withheld as well as the impact on the victims affected by the crime. In certain situations, punishment may be reduced if you take ownership for your actions and assist federal and state authorities in their investigation.
At The Law Office of Yifei He, PLLC, our lawyer has years of experience helping clients overcome a wide range of legal barriers. With our attorney by your side, you can navigate this process with efficiency and confidence.
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