Types Of White Collar Crimes

White collar crimes fall under individual and corporate classifications. Individual white collar crimes are committed by a single person or group of individuals, and corporate crimes are those that occur on a corporate level, such as by a brokerage firm. The following are some main types of white collar crimes.

Fraud

Fraud is the broad term used for schemes that are meant to trick people out of their money. An example of this is when someone says they’ll send you a large sum of money in exchange for you sending them a processing fee that’s much less. They keep this money and never send you what they promised they would give you.

Embezzlement

Embezzlement is considered to be a type of theft. This can be an employee stealing a small amount from a cash drawer to more serious schemes like the transfer of millions of dollars from company accounts to the embezzler’s accounts. Receive legal assistance from Philadelphia expungement lawyers if you are up against embezzlement charges.

Insider Trading

Insider trading involves a trader having possession of non-public information that gives them an advantage when it comes to financial markets. For instance, someone who works at an investment bank may have found out that a company is about to acquire another company. If they use the knowledge to purchase stock in the acquired company since they expect said company’s stock will rise after this becomes public knowledge, it’s considered to be insider trading.

Cybercrimes Including Identity Theft

In recent years, there’s been a huge rise in computer crimes. This includes hacking and identity theft. Identity theft losses in the United States reached about $2 billion in 2019 and there were over 73,000 reported instances of identity theft in California that same year.

Ponzi Scheme

Ponzi schemes are investment scams that are named after the first man to perpetrate such a crime. This type of scam offers investors incredibly high returns. Initial investors are given their returns from funds that new investors turn over. What makes this especially horrible is how the scammer will eventually not be able to get new clients and the scheme will collapse, so that everyone has big losses.

Counterfeiting

Counterfeiting is the act of creating fake currency. The fact that older bills became easy to copy with advanced laser printers and modern computers is what led to the creation of money with more detail and colors. This isn’t necessarily enough to keep criminals from counterfeiting even larger bills.

Espionage

Espionage, also known as spying, is usually under the category of white collar crime. A foreign government agent who offers to give an employee of a big company a lot of money for a copy of certain technology is committing espionage.

Tax Evasion

This is when a person misrepresents how much tax they owe and does this on purpose. Another example is when someone chooses not to disclose they have certain assets so they can avoid paying taxes. If it appears that the person made an honest error in their math while doing taxes, it won’t be called tax evasion. If you’ve been unfairly accused of tax evasion, enlist the help of the best white collar crime attorney in Philadelphia.

Money Laundering

This is closely related to tax evasion and it’s an important service to criminals who are dealing with a large amount of cash. They make use of several accounts and then legitimate businesses to funnel this cash. Once the money is combined with the business’s revenue, it becomes extremely difficult to determine that it came from criminal activities.

Criminal Law Defense Attorney Services in Philadelphia

If you have been accused of a white collar crime, your best chance at a solid case is hiring a white collar crime attorney. The team at The Law Offices of Richard J. Fuschino Jr. has experience to assist people going through white collar crime cases. Contact us today with your questions and to see how we can help you.