“White-collar” crimes are frauds and schemes typically committed by government and business professionals. The nature of these crimes is non-violent and involves financial and managerial offenses, such as securities fraud, embezzlement, and money laundering. The term was coined in 1939 and based on the work attire of individuals who would have access to these instruments.
In This Post
In this blog post, we look at the different types of crimes that are considered “white-collar” and what you can do if you or a family member have been arrested. Speak with a criminal defense lawyer directly if you need more immediate legal advice regarding your case.
Five (5) Most Common Types of White-Collar Crimes
White-collar crimes, like insider trading, counterfeiting, theft, and fraud, may not involve force or violence, but the criminal justice system pursues them because of the lasting impact they leave on society, individuals, and our economy. For instance, Bernie Madoff ran the most massive Ponzi scheme that caused thousands of investors to lose $65 billion in 2008.
According to the FBI, the most common types of “white-collar” crimes committed in the United States include:
- Corporate fraud: Corporate fraud is the falsification of financial information designed to hide fraudulent activity. These crimes may also try to prevent the Securities and Exchange Commission (SEC) from making inquiries. Insider trading is an example of corporate fraud.
- Embezzlement: Embezzlement is a crime that involves a person in a trusted position who misappropriated business funds for personal use. For instance, an employee depositing money into their bank account instead of the bank dropbox is embezzlement. The charges for these crimes can escalate, depending upon the amount and level of proven deception taken by the employee in question.
- Ponzi schemes: Named after 1920s conman Charles Ponzi, a Ponzi scheme is an investment scam that promises high returns without risk to the investor. Instead of investing the money and making payments to clients, the Ponzi scheme perpetrator uses the money for personal or business expenses. When clients ask for their money back, the schemer needs to find new investors to keep the crime going. It generally falls apart when new clients dry up, and investments cannot be paid.
- Extortion: Extortion is the forceful coercion of giving up services, property, or money. Blackmail is a highly recognizable form of extortion in which one person demands money from his or her victim to prevent the release of public information that can damage their reputation.
- Bankruptcy fraud: Bankruptcy is a way for debtors to receive a fresh financial start so as long as they are following the rules. Courts review the financial picture and history of a case over the preceding six (6) months and prohibit the sale, transfer, or concealment of assets. Any of these actions can constitute bankruptcy fraud.
While the above-referenced list of white-collar crimes is not exhaustive, other charges can fall under these examples. Different types of white-collar crimes may include money laundering, tax fraud, tax evasion, bribery, identity theft, conspiracy charges, and health care fraud. If you are charged with any of these crimes in New Mexico, hire a criminal defense lawyer to build a legal defense and represent you in court.
Do Not Accept Responsibility for a Crime You Did Not Commit
There are many New Mexico businesspeople serving time in prison and paying fines for white-collar crime convictions. When you face this situation yourself, it is imperative that you take the allegations against you seriously. Otherwise, the prosecutor will ensure that the judge hears the state’s side of the story, backed with admissible evidence and a plausible theory.
Challenge the case against you. The prosecutor must prove his or her allegations with admissible evidence. It is their responsibility to prove that you are guilty beyond a reasonable doubt. If they cannot do that, you should not be held responsible for the crime.
You have legal options. Use them before someone else makes a case against you. By retaining a criminal defense lawyer’s services in New Mexico, you have a fighting chance to defend your charges or reduce the severity of the potential consequences. You deserve to clear your name in a criminal court of law.
Get the Help You Want from Grano Law Offices, P.C.
At Grano Law Offices, P.C., we know that bad things happen to good people. Our legal team wants to help protect your rights. Get legal answers with a Free Case Strategy Session now by messaging us privately about your case here or calling (505) 426-8711.
