White collar crimes generally refer to non-violent crimes committed through deception for financial gain. This includes fraud, embezzlement, tax evasion, and money laundering, the penalties for which can be quite severe, contrary to the belief that such crimes often yield easier sentences in minimum security prisons.
Securities fraud covers a broad spectrum of white collar crimes. One of the most common examples is known as insider trading. When a person with inside information regarding a company or investment trades on this information, it is a violation of duty or obligation, and a punishable offense. If an executive has knowledge of confidential information about a company’s upcoming earnings report and sells a large portion of it prior to the release of this news, this is considered a form of securities fraud.
Another example of this type of fraud occurs when someone purposely misstates a company’s prospects, health, or financial information to lure in investors. To commit this crime, an individual who speaks for the company must be the one delivering false statements and should be reasonably aware they are false.
Securities fraud just one of many types of white collar fraud crimes. Fraudulent schemes such as mortgage fraud and insurance fraud are also incredibly common. If an individual attempts to collect on an insurance policy based on a lie, or a business attempts to defraud its customers or others within the marketplace, these are both considered white collar crimes.
This type of crime, which involves improperly taking money from someone to whom you owe a service, can also take many forms. If for example, an investment advisor improperly uses the funds a client has entrusted to them to protect, or an employee embezzles money by funneling it into a personal account, they would be charged with embezzlement.
When an individual avoids paying owed taxes, whether by lying on tax forms or illegally transferring property, this is known as tax evasion and is considered a serious crime. There are also a plethora of ways to commit it. This crime can also be committed by a business entity.
Money laundering is a white collar crime involving illegally obtained funds that require a series of steps:
To put it simply, “dirty” money is filtered through several layers of transactions until it is “cleaned,” typically through the purchase or sale of assets.
Depending on the charges or the extent of the crime, white collar offenses can involve many state and federal laws and a variety of potential punishments. If you are facing such these charges, it is crucial to seek the aid of an experienced white collar defense attorney to navigate through the complexities of this area of practice and ensure your rights are protected.
Any time an individual is facing criminal charges, it is an intimidating and overwhelming experience, and you might not always know what step to take next. At Patton & Pittman, we understand how much is at stake. Convictions can lead to jail time, fines, and a lifelong criminal record. Do not leave your future up to chance. Choose a skilled legal team to prepare a solid defense on your behalf. Our Clarksville criminal defense firm offers the aggressive, top-rated defense you need and deserve.
Contact us today at (931) 361-4477 for tailored legal solutions to defend your future. We provide free initial consultations.