Archive for the ‘Collar crimes’ Category

Most people think they know a lot about white collar crimes when the truth is they do not actually know much. Generally speaking, such a crime is carried out with the purpose of making a profit. In most situations we see people that are of a higher social status that want to gain more money through means that are illegal. The name appeared since there was the belief that the crimes were only committed by a business, by individuals that were wearing suit, shirts and ties. However, nowadays, the white collar crimes can be done by every single person, regardless of social status.

White Collar Crimes

Unfortunately, the types of white collar crimes that exist at the moment are numerous. However, most of them are going to go for what is listed below, all being connected with identity theft, forgery and tax evasions are really common options.

  • Bribery – In this case we see someone that offers a gift, money or some incentive to someone in order to obtain something in return. Bribery automatically involves giving something to the person that is in a position of power, with the ability to make a specific decision that will be in the best interest of the person giving out the bribe.
  • Fraud – This involves making a person think that wrong facts are correct through fact misrepresenting. It normally makes a person invest money in something because of the belief, thus leading to fraud.
  • Internet Fraud – We need to mention this special type of fraud since it is incredibly common at the moment. Internet fraud will normally involve an illegal activity carried out on the internet with the purpose of making money. Different possibilities exist, ranging from hassling to sending out the common phishing emails.
  • Money Embezzlement – The white collar crime will happen when someone in a transaction will keep the money in an illegal way instead of doing what was supposed to be done with the funds.
  • Insider Trading – This involves trading shares and stocks. When a person will sell or buy because of information not currently available for the general public, it is called insider trading. As an example, let us say you work in a firm and you offer confidential information to a friend about company shares. As a result, the friend buys the shares. Both you and the friend will be accused of insider trading.
  • Money Laundering – Out of all white collar crimes, this is the one that people normally know about. It is quite similar to the above mentioned embezzlement but all is done through a business that is legitimate.

White Collar Crime Punishment

A big problem at the moment with the perception about white collar crime is that the rich and powerful never get caught. That is incorrect. Based on the type of crime that appeared, various punishments can appear, usually involving jail or fines. The jurisdiction is state wide but in some cases we do have prosecutions that would happen at federal levels. Federal crimes can have punishments ranging from prison to community service or just fines.

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