White-Collar Crimes: Unraveling Complex Financial Offenses
White-collar crime is an umbrella term that generally relates to financial crimes committed by professionals working in the industry. White-collar crime can be committed by an individual, a business or a company as a whole. Some common examples of white-collar crime include financial fraud, tax evasion, money laundering and embezzlement. In this article, Resolute Legal discusses the different types of white-collar crime, the consequences of them and what legal services, such as criminal defence lawyers, are available for individuals wanting to appeal or defend their charge.
Most Common Types of White Collar Crime
The term white collar crime is often associated with large companies on Wall Street that have hidden, stolen or embezzled millions of dollars for personal gain or the gain of the company. However, there is an array of different types of white-collar crime, ranging in severity, with different consequences and sentences. Some of the most common white-collar crimes include:
- Fraud – This can be related to cyber fraud or tax fraud. Examples such as identity fraud are not considered a white-collar crime.
- Theft – This can refer to financial theft in which an employee is misappropriating funds.
- Tax Evasion – This can be on a personal or business scale.
- Money Laundering.
- Embezzlement – This refers to a company taking funds that were entrusted to them and using them for a different purpose than what they intended.
- Making false records or concealing documents.
These are some of the most common white-collar crimes and are more common than one may think.
The Consequences of White-Collar Crime
White-collar crime has the same consequences as a regular crime. Depending on the severity, individuals can find themselves behind bars for many years if convicted. It is common for individuals or companies who have committed a white-collar crime to seek help from criminal law firms that have specialist criminal defence lawyers.
Defences Against White Collar Charges
Some of the main claims that can be used to defend a white collar crime charge that a criminal lawyer will focus on include:
- Duress (threat of violence if the individual did not carry out the crime).
- Honest claim of right.
- Reasonable mistake.