While you have likely heard the term “white collar crime” before, you might not be fully aware of all that it entails. Essentially, white collar crimes can cover a vast range of crimes that involve acts of deceit that are motivated by financial gain. Some of the most common forms of white collar crime include tax evasion, fraud, embezzlement, and money laundering.
We have provided a brief overview of some of the most common forms of white collar crime to shed a little more clarity on what they involve:
- Fraud: Many white collar crimes fall under the umbrella of fraud, which is a general type of crime that involves deceiving someone for financial gain. Securities fraud is one of the most common types of fraud and can come in many forms, the most well-known of which is “insider trading.” When a person with inside information about a company or investment trades on that information, violating their duty or obligation, this is considered insider trading.
- Other types of white collar fraud: Other types of fraudulent schemes include mortgage fraud and insurance fraud. For example, a person might engage in an insurance scheme by improperly collecting on an insurance policy after lying on the application materials. This crime can also be performed on a larger scale when a business defrauds its customers.
- Embezzlement: This white collar crime involves taking money from someone to whom you owe a form of duty. For example, a company employee might embezzle money from his or her employer by siphoning money into a personal account.
- Tax evasion: When a person attempts to avoid taxes he or she owes, this is known as criminal tax evasion. This type of crime can range from filing tax forms with incorrect information or illegally transferring property to avoid tax obligations. Business can also commit this type of crime.
- Money laundering: This criminal act occurs when illegally obtained money is filtered through a series of transactions that are intended to make it appear as though the money is legitimate or “clean.” This is typically a three-step process. First, money is deposited into a financial institution, whether it be a bank or brokerage account. The money is then separated from its illegal beginnings through layers of complex transactions, which are designed to make it more difficult to trace the “dirty” money. Lastly, the money is integrated and mixed with legally obtained money through the purchase or sale of assets.
Criminal Defense Attorney in Atlanta
If you were recently charged with a white collar crime, you need to seek skilled legal representation as soon as possible to protect your rights and your freedom. At Ross & Pines, our team of Atlanta criminal defense attorneys is here to provide the exceptional legal representation you need during this difficult and overwhelming time. Do not leave the fate of your future up to chance.
Get started on your case today and contact our law firm at (888) 838-4858 to request your free initial case evaluation with a knowledgeable criminal defense attorney.