What Are the Types of White-Collar Crime?

White Collar Crime

White-collar crimes are crimes committed by an individual or a small group of persons to gain financially. Unlike other crimes, white-collar crimes are non-violent. Most of the time white-collar crimes are committed by professionals who do not have a career. The name white collar came from their mode of dressing which includes suits to create a false image to their prey.

It’s important to differentiate between a corporation crime and a white-collar crime. When an organization commits a crime then this is not referred to as a white-collar crime but a corporate crime. Below are some white-collar crimes.

FraudĀ 

Of all the white-collar crimes committed, fraud is the common one. It involves perpetrators imitating someone they are not to withdraw funds from another person’s bank account. Fraud mostly goes hand in hand with identity theft. Every year there are millions of fraud cases that result in hefty fines and or jail times.

Bribery

Next on the list of the most common white-collar crimes is bribery. In bribery, perpetrators often pay someone in power so that they can make arrangements that will benefit them financially or their associates. It is difficult for regulators to prosecute and prove bribery charges.

Bribery

Insider Trading

Insider trading crimes involve people who have connections in the trading market to sell or buy the stock before the information is made public. A good example is when a person has prior information that a company is facing a layoff or a lawsuit decides to sell his or her stock at a higher rate before the information is made public.

Bankruptcy Fraud

This white-collar crime often occurs when one has accumulated huge debts and decides to find relief by filing for bankruptcy. The bankruptcy relief however affects the people that this individual owed money to. This is because they are paid a portion of what they ought to be paid by the perpetrator. Most are the times that filers of bankruptcy tend to hide all their wealth resulting in bankruptcy fraud.

Embezzlement

This white-collar crime normally happens when a person is trusted to handle finances or property misappropriate funds by using his position. A good example of embezzlement is when a politician uses campaign money for his personal use or when an employee funnels company money to his bank account without the knowledge of their employer.

Counterfeiting

Counterfeiting occurs when an individual copies an item without the owner’s permission or go ahead. This involves money and or items such as watches, clothes, phones among other items with the intent of gaining financially off the original item.

Cybercrime

With the improvement of technology, there has been an increase in cybercrime. Cybercrime involves collecting credit cards and their personally identifying information using computers. They then use the information to steal funds from those bank accounts without the consent of the bank holder. Cybercrimes are common among nations trying to get secrets from each other.

Extortion

It occurs when a person or person coerces another person or institution into giving up services, property, or money without his free will. A good example of extortion is when gangs coerce shop owners to pay for protection money failure to which they will harm them.

Money LaunderingĀ 

Money laundering is the act of transferring or investing proceeds of illegal activities such as drugs, or embezzlement schemes. By investing this illegal money into a legit business, you try to make it appear that that is its source.

If a defendant is convicted of white-collar crimes, he may face jail time, hefty fines, or both. To counter federal prosecutors, the defendant may hire criminal defense lawyers who are qualified and experienced in these cases. These criminal defense lawyers help the defendant avoid saying or doing things that may affect their cases. You are certainly in a better position to get your sentence reduced or reviewed by hiring an experienced criminal defense lawyer.