What Are the Most Common White Collar Crimes?

Posted on Wednesday, January 31st, 2018 at 6:48 am    

Man in handcuffs holding money

White collar crimes, in general, are non-violent crimes committed with the purpose of achieving financial gain. Although they are non-violent, they can result in serious penalties. If you are being investigated for or charged with a white collar crime, contact our experienced criminal defense attorneys at Spolin Law P.C. today. Call us at (310) 424-5816 to find out how we can help you.

Some of the most common white collar crimes include:

Fraud
Fraud is essentially committing a deceitful act for money. There are different types of fraud, including:

  • Securities fraud- Securities fraud includes insider trading, which is where a person uses confidential information about a brand or company to buy or sell stock in the stock market. Corporations can also commit securities fraud if they knowingly issue false or misleading public statements about the company’s financial health and prospects in order to attract investors.
  • Insurance fraud Insurance fraud is a scheme to collect on an insurance policy. When committing insurance fraud, you may end up committing another crime alongside it. For example, burning down a building for the insurance money would add an arson charge to insurance fraud.
  • Business or corporate fraud- Business fraud is different from securities fraud because these businesses aren’t just making false statements; they’re doctoring financial documents as well. Falsified financial statements usually swell profits and hide losses, and they can be used to hide illegal transactions as well. Business fraud can also be used to describe illegal kickbacks to executives or misuse of company funds or property.
  • Ponzi Schemes- By now, most people are familiar with Bernie Madoff, the executive who orchestrated the largest Ponzi scheme in history. A Ponzi scheme is spearheaded by a fake enterprise used to attract investors. The business promises to pay their investors back with funds the business earns. In reality, it does pay back some early investors, using the money collected from newer investors. Mr. Madoff spent nearly 20 years relieving thousands of people of tens of billions of dollars.

Embezzlement
Embezzlement is taking money from a person or company where you are employed. Employees figure out a way to tap into the company’s funds and direct some of that money to their own bank accounts.

Embezzlement is also a white collar crime often committed by politicians. It seems like every election the public hears of those in political offices using campaign funds to pay for their own personal expenses like mortgage payments or gifts for their spouses.

Tax Evasion
Tax evasion, or avoiding paying taxes owed, can be accomplished a number of ways. Sometimes a company falsifies their tax returns, or they hide property or assets to make it look like they have less taxable obligations. Sometimes, they simply decide not to pay any taxes owed.

Money Laundering
Money laundering takes money earned from a disreputable source and makes it look like it has a legitimate background. Chances are you’re already committed a crime by acquiring “dirty money” in the first place. Laundering money helps people avoid paying taxes or facing criminal prosecution for the funds.

How a White Collar Crimes Lawyer Can Help

White collar crimes don’t typically end in bloodshed, but the court does not see them as victimless crimes. On the contrary, because these crimes have the ability to take an entire business down, causing hard-working employees to lose their jobs and pensions, they are taken very seriously. If you’re facing charges for a white collar crime, it may be in your best interest to get help from a criminal defense lawyer. The attorneys at Spolin Law P.C., PC have extensive experience representing people who have been hit with criminal charges. We give your case undivided attention and fight for your best possible outcome.

Contact us today at (310) 424-5816 to schedule a consultation.