What is a White Collar Crime? Crimes that are generally for financial gains like fraud trading, fraudulent accounting, money laundering, Internet frauds or scams, extortion, corporate fraud, etc., are known as White Collar crimes. These are also known as Corporate frauds often committed by an Organization or Individuals. Who do you approach for such cases in NY? Check out a criminal defense lawyer near Lyons, NY
White-collar frauds can be as simple as Tax Evasion, credit card non-payment to as critical as money laundering and extortion.
Let us go into detail and understand some prevalent white-collar crimes:
1) Fraud statements: Crimes are an outcome where an individual is responsible for purposefully deceiving another individual or any company for monetary gains.
This includes :
- Bank Fraud
- Credit card Fraud
- Insurance Fraud
2) Tax Frauds: A person or company who tries to evade tax responsibilities also comes under white collar crime.
- Underreporting taxable income
- Keeping multiple books
- Cash payments to employees
3) Money Laundering generally involves a large sum of money fraudulently appearing legitimate.
- Share market frauds
- False business schemes
- Trafficking activities
4) Internet Frauds are extremely common these days and involve illegal or incorrect use of the internet.
- Account hacking
- Online stalking
5) Identity fraud uses someone else’s identity or personal information to commit illegal activities.
- Credit Card or Debit card theft
- Checks fraud
What are the few implications of White Collar Crimes?
-In a few cases, the allegations are on Company, Business, or Entity, but it may include the employees involved.
-There are many situations where white-collar crimes become a public scandal. In those cases, even if the result is favorable towards the business, it may tarnish the name forever and result in irreparable damages.
-A white-collar fraud investigation is time-consuming, and the business may suffer considerable losses in addition to the high costs. If it becomes a public scandal, a case that could have been resolved quickly can very easily go out of control.
White Collar crimes are a wide category that includes different types of offenses. However, these are not violent crimes but may involve heavy penalties and imprisonments. A wrong indictment of white-collar crime can ruin the business you have worked hard to build. So it is always advisable to contact an attorney who has the skill and experience to resolve your case in the best possible way.