What is White Collar Crime?
White collar crime is a term coined to describe the crimes committed involving fraud, embezzlement, lying, cheating, stealing, etc. A white collar crime is often a scam to defraud another of a significant amount of money. While it may not seem like it, these crimes
always have a victim. A major scam can completely destroy a company,
families, or cost people millions of dollars. These are not crimes to be taken lightly simply because they do not involve violence – a white collar crime is complex and requires the skills and experience of a criminal defense lawyer.
In criminal law, fraud is an intentional deception made to gain profits or benefits over another, or even to damage another individual. While most of the time, fraud is a white collar crime committed in order to acquire money, it has been reported that some people commit fraud simply to increase their status. According to the Association of Certified Fraud Examiners a typical organization loses five percent of its annual revenue to fraud, with a median loss of $160,000. Frauds committed by owners and executives were more than nine times as costly as employee fraud. The industries most commonly affected are banking, manufacturing, and government.
Types of Fraud
There are so many types of fraud that one needs to be aware of. The following is a list of some of the most common types of fraudulent activity according to the FBI.
- Asset Forfeiture/Money Laundering
- Bankruptcy Fraud
- Corporate Fraud
- Financial Institution Fraud & Failures
- Health Care Fraud
- Insurance Fraud
- Mortgage Fraud
- Securities & Commodities Fraud
White Collar Criminal Defense
An experienced criminal defense lawyer is the first person you should call if you have been arrested and accused of fraud, or any white collar crime. This is a very complex aspect of the law and you are going to need all the help you can get from a criminal defense lawyer. Hopefully he will be able to talk the prosecution down to just you paying restitution, which will be the best case scenario in many situations.