The Federal Bureau of Investigation (FBI) describes “white collar
crime” as lying, cheating, and stealing. That’s white collar
crime in a nutshell, says the FBI.
The term was reportedly coined in 1939, and today it’s synonymous
with a vast array of frauds and scams that are commonly committed by “white
collar” professionals, as well as those who work for the government.
White collar crimes are non-violent in nature, but they are not victimless. One scam can wipe
out a family’s life savings, it can cost investors to lose billions
of dollars, and it can ruin a person’s good credit score.
With advances in computer technology, today’s white collar crimes
are more sophisticated than ever before, and the FBI, along with other
government agencies has agents dedicated to tracking down, identifying
and prosecuting scammers before they start.
According to the FBI, white collar crime costs the United States more than
$300 billion each year. Although individuals who are caught in the act
face a host of penalties, corporations can be sanctioned as well.
The penalties for white collar crimes include hefty fines, forfeitures,
restitution, incarceration in state or federal prison, etc. Many different
types of frauds and scams are categorized as white collar crime, and here
are some common examples:
- Bankruptcy fraud
- Tax evasion
- Identity theft
- Telemarketing fraud
- Money laundering
- Credit card fraud
- Healthcare fraud
- Ponzi schemes
- Reverse mortgage scams
- Securities & commodities fraud
Are all white collar crimes federal offenses?
White collar crimes can be criminalized under state or
federal law, or both. If the crime violates state and federal legislation, it’s
up to the state and federal prosecutors to decide whether to proceed with
a state or federal prosecution.
As a general rule, federal crimes involve higher fines and lengthier prison
sentences than state-level crimes. So, if your case goes to federal court,
the situation is certainly more serious.
If you are facing criminal charges for a white collar crime, an experienced
Plano white collar crime defense attorney from The Zendeh Del Law Firm,
PLLC can explain which defenses are available.
For an aggressive defense in state or federal court,
contact our office today!