In the U.S., crimes are classified according to their type and severity. Thus, their penalties also depend on these factors. White-collar crimes are nonviolent and usually entail a monetary gain for the perpetrators. So, they are commonly associated with high-profile individuals. Still, white-collar crime charges can happen in other contexts. That is why it is essential to understand their classification.
Characteristics of a white-collar crime
White-collar crimes differ from other offenses because of their financial nature. Sometimes, they involve technology, and it is challenging to track them down. Additionally, they are commonly prosecuted at a federal level and classified as felonies. A convicted individual can face several years of prison and other penalties.
You may have heard of these crimes on the news or in TV series. They can involve significant sums of money and an intricate strategy. For example, fraud is a common type of white-collar crime. It can happen in several industries, such as:
- Healthcare institutions
- Corporate entities
- Financial institutions
These crimes can occur in different contexts and can be associated with other felonies. For instance, money laundering is a white-collar crime, and it sometimes occurs in conjunction with other unlawful activities, such as drug crimes. Individuals who commit tax evasion, falsify information, and participate in pyramid or Ponzi schemes can also end up in court for a white-collar crime trial.
Other types of white-collar crimes
The FBI also classifies intellectual property theft as a white-collar crime. This happens when an individual steals knowledge from another person or company. The stolen information can be used for financial gain, such as trade secrets or product ideas.
Another common white-collar crime is embezzlement. This can happen in corporations, where influential individuals unlawfully seek personal financial gain. The offenders are usually managerial employees with access to company assets.
As you can see, these crimes come in many forms, and their severity can vary. If you or someone you know is charged with a white-collar crime, a criminal lawyer can evaluate your options. Additionally, they can create a defense strategy for your case and explain possible penalties. Seeking adequate legal counseling can influence a white-collar crime trial.