When you hear the word “crime,” you likely picture a broken window from theft or a physical injury from violence. In reality, many people convicted of criminal activity were involved in white-collar crimes that didn’t involve any sort of physical harm.
Embezzlement is a crime that happens when a person entrusted with property or money uses their position to misappropriate funds for their personal gain. There are many different activities that classify as embezzlement. For example, a politician who decides to use their campaign money to pay off personal debts would be considered an embezzler.
Extortion is defined as coercing a person or institution into giving up money, services or property. There are many different types of cases that fall into this category. A good example of extortion is when a blackmail victim pays money to a person who has threatened to divulge sensitive information about them that could harm their reputation.
When a person files for bankruptcy due to an insurmountable amount of debt, the creditors they owe typically receive only a portion of the funds owed to them. A person commits bankruptcy fraud when they intentionally hide assets from their creditors. This could be hiding bank accounts or even vehicles.
Corporate fraud is defined as being dishonest or conducting illegal activities for the purpose of providing an advantageous financial outcome. Some common types of this criminal law violation include false financial records, schemes to conceal fraudulent activities and insider trading.
White-collar crimes are quite common. However, because the outcomes of these crimes can financially cripple people and businesses, they are strictly enforced by state and federal laws. If you’ve been charged with a white-collar crime, it’s a good idea to contact a licensed attorney to help with your case. You might be able to avoid some of the harshest penalties by having your attorney negotiate a plea deal.