GENERAL

White Collar Crime in Business

White-collar crime in Business
It is a worrying fact that for every 100,000 Americans, 5,317 of them have had to face criminal proceedings involving white-collar crimes of one nature or another. This statistic should not give you the impression that everyone charged with a white-collar crime has been found guilty. Hiring a competent white-collar attorney is instrumental in ensuring a good number of these types of cases get thrown out of court for being unsubstantial. Despite the real possibility that your appointment with a federal court might turn out to be nothing, it is best to be informed when it comes to dealing with the legal process.
Common White collar crimes
The general definition of white-collar crime is any unlawful non-violent action whose prime motivation is unjustified financial gain. In layman terms, white-collar crime is anything you might do to make money through unjustified means. This means if you make money while at work other than as part of your salary, then it is likely that you are committing a white-collar crime.
If federal criminal courts were to use this broad definition of white-collar crime, then virtually everyone would be in trouble. This is why the law further defines every crime that falls within the more general category of white-collar crime.
Several financially-motivated actions are classified as white-collar crimes. Some of these actions include fraud, embezzlement, tax evasion, credit card fraud, insider trading and many others. This article will focus on the above mentioned white-collar crimes.
Fraud
Fraud is the most common of all white-collar crimes. The legal definition of fraud is the use of misrepresentation or concealment of identifying information to realize a financial gain. It is worth noting that a case of fraud can fall under civil or criminal law. In a civil lawsuit and with an excellent white-collar crime lawyer, the worst outcome of court proceedings involves the monetary compensation of the plaintiff. However, under criminal law, you might end up facing time behind bars if accused of the crime.
Embezzlement
Embezzlement is significantly different from fraud in that the need to misrepresent or conceal one’s identity is unnecessary. This is because embezzlement revolves around the misappropriation of money already officially in your charge. The law classifies this white-collar crime as a statutory offence to discourage state and government officials from embezzling public funds. This means you will end up facing far stiffer penalties for embezzlement than if you are accused of fraud. When facing criminal proceedings for misappropriation, a capable white-collar criminal defense attorney will help you to navigate the tricky corridors of the legal system safely.
Tax Evasion
The evasion of taxes owed to the IRS is yet another major white-collar crime in America today. Notable individuals, mega-corporations and long-established public trusts have all had their day in federal criminal court for owing the government billions in taxes. As an individual, you should, therefore, be particularly keen and consistent while filing income declaration forms. Not adhering to federal tax laws can turn out to be the reason for your day in federal court. However, if you do find yourself accused with tax evasion, be sure to seek the services of an experienced white collar crime attorney. Why? Because a conviction for tax evasion can see you paying colossal sums as penalties in addition to serving a period of incarceration.
Credit card fraud
The advent of the digital era has made credit card fraud a common white-collar crime. You can get charged with credit card fraud even while trying to return a lost credit card to its owner. In such a scenario, your honorable intentions would have little impact on easing up the hefty penalties associated with the crime. Hiring a good, competent and experienced federal criminal defense lawyer can save you from a world of trouble.
The Bottom-line
Remember that the above list is not exhaustive about white-collar crimes. For clarification and further elaboration, make sure to contact a white-collar crime lawyer to help you.