White collar crime consists of a variety of crimes, but they all typically involve crime committed through deceit and motivated by financial gain. The most common white collar crimes are various types of fraud, embezzlement, tax evasion and money laundering. Many types of scams and frauds fall into the bucket of white-collar crime, including Ponzi schemes and securities fraud such as insider trading. More common crimes, like insurance fraud and tax evasion, also constitute white collar crimes
Many white-collar crimes are frauds. Fraud is a general type of crime which generally involves deceiving someone for monetary gain. One common type of white-collar fraud is securities fraud. Securities fraud is fraud around the trading of securities (stocks, for example).
Securities fraud comes in many flavors, but one common type is “insider trading,” in which someone with inside information about a company or investment trades on that information in violation of a duty or obligation. For example, an executive knows confidential information about an upcoming company earnings report decides to sell off a chunk of his stock in the company. That would be considered securities fraud, specifically, insider trading.
Other White Collar Frauds
Many types of fraudulent schemes, including mortgage fraud and insurance fraud, are amongst the more common white collar crimes. These can be as common as an individual embarking on an insurance scheme to improperly collect on an insurance policy after lying in application materials. They can also extend to larger scale schemes by businesses to defraud their customers or others in the marketplace.
Ponzi schemes and other business related scams to fraudulently take money from investors have been some of the most famous white-collar crimes. These can take all shapes and sizes.
Embezzlement is improperly taking money from someone to whom you owe some type of duty. The most common example is a company employee that embezzles money from his employer for example by siphoning money into a personal account.
Criminal tax evasion is a white-collar crime through which the perpetrator attempts to avoid taxes they would otherwise owe. Tax evasion can range from simply filing tax forms with false information, to illegally transferring property so as to avoid tax obligations. Individuals, as well as businesses, can commit criminal tax evasion. As with fraud, there are perhaps infinite ways to commit tax evasion.
Money laundering is the criminal act of filtering illegally obtained money through a series of transactions designed to make the money appear legitimate.
Charged With a White Collar Criminal Offense?
Depending on the charges in question, white collar crimes can involve a variety of state and federal laws with a wide range of possible punishments. An experienced white collar defense attorney can help navigate any potential criminal liability, as well as defenses that may be available. We at Carlos Gonzalez Law have handled many white-collar crime cases and we’ll be there for you if you’re ever accused of committing a white-collar crime.
For any questions or concerns regarding your case please call our office at (786) 358-6888