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The 5 Most Common White Collar Crimes

Pictures of dead bodies or helpless people being mugged in dark alleys spring to mind when someone thinks about crime. Violent crime, however, is not the only type of criminal activity. White-collar crimes are nonviolent but equally dangerous crimes committed by high-flying corporate executives in costly bespoke suits or harmless-looking couriers. He dupes the elderly neighbor out of his retirement funds. White-collar crimes can take various forms; however, the following are the most common:

Corporate Fraud 

The majority of the corporate fraud cases that the FBI investigates involve falsification of financial information, insider trading, and schemes designed to conceal corporate fraud activities and obstruct regulatory bodies like the Securities and Exchange Commission from conducting their investigations, according to the FBI.

Embezzlement

Embezzlement occurs when an employee or someone in a position of trust within an organization misuses their authority to steal money. When an employee discovers a means to divert corporate funds to their bank account, this is an example of embezzlement. Another case in point is when a politician exploits campaign funds for personal gain.

Ponzi Schemes

A Ponzi scheme, named after Charles Ponzi, a con artist who allegedly made hundreds of thousands of dollars in the 1920s with his postal coupon fraud, is a form of a financial scam that offers enormous returns with little to no risk. Ponzi schemers concentrate their efforts on recruiting new investors to pay off the older ones. When new consumers stop pouring in and the supply of new investments dries up, the plan breaks apart.

Extortion

Extortion occurs when a person forces a company or another individual to hand over money, property, or services.

Fraudulent Bankruptcy

Filing for bankruptcy might provide relief to someone who is drowning in debt. However, creditors will only be able to obtain a part of the debtor’s non-essential assets due to this relief (or investments not necessary to maintain a household and a job). As a result, if a filer conceals property while filling out bankruptcy documents, they may be charged with bankruptcy fraud.

If you’re charged with a white-collar crime, it could be in your best interests to hire a criminal defense attorney. Mitchell S. Sexner & Associates LLC’s lawyers have a lot of experience representing clients who have been charged with a crime. Your case is the only thing we focus on, so you can count on us to put everything we have into it. Click here for more information.

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