White collar crimes are considered to be sophisticated in nature. They are nonviolent, financial crimes. The phrase “white collar crime” developed around 1939, according to the FBI. It arose because these crimes are usually the kind of crimes that would be committed by a business professional on the job. The category has grown to include other kinds of financial crimes that may not necessarily take place at work, but are still nonviolent and financially motivated.
What is white collar crime?
A white collar crime involves deception in order to gain financially. Technological advancements over the years have brought possible white collar crimes to a whole other level. Also, it is not uncommon to find that average people, not just higher-level business executives, have been involved in these kinds of dealings. A person suspected of committing a white collar crime may face charges brought under state or federal laws.
Some of the most common white collar crimes include:
- Fraud: This involves a person intentionally misrepresenting or omitting material facts in order to realize an unlawful financial gain. Fraud can result in both civil and criminal charges. While it is one type of white collar crime, there is a wide range of potential fraud types that may be committed. For instance, healthcare fraud is a type of fraud. It can be committed by healthcare workers who do something like bill insurance for services that were never rendered. It can also be committed by a person who assumes the identity of someone else in order to use that person’s health insurance coverage. Tax fraud is another type of fraud that is quite common. This includes more than tax evasion, but also applies to an individual who falsifies financial information on tax documents.
- Embezzlement: A type of theft, embezzlement occurs when an individual or group of people covertly take money from a business or entity. It is usually perpetrated by an employee or fiduciary of the company. Furthermore, fraud is usually involved in either the perpetration of the theft or in covering it up.
- Money laundering: Usually, money laundering is not an isolated crime. It usually occurs in conjunction with another crime. Money laundering is the hiding of money acquired through illegal means. Attempting to conceal illegally acquired money may be done so through something like a secret bank account or the buying and selling of property or other assets in an attempt to establish a record for the money that makes it look legitimate.
Fighting for those Facing White Collar Crime Charges
A charge for a white collar crime will put you face to face with some severe consequences. Monetary fines, possible jail time, and irreparable damage to your personal and professional reputation are just some of the things you may endure. The dedicated white collar crime defense attorneys at Navarrete & Schwartz have the skill level and experience you can trust. We will mount the strongest possible defense for you. We are proud to serve the residents of Midland, Texas. Contact us today.