This type of crime is referred to criminal behavior that has the intention to achieve some financial gain with the help of deception. The most common pattern of white collar crime is in the business world, where an individual has the access to a large amount of client’s money, in other words, he is in the position where he disposes of vast sums of money and can use it to his advantage. White collar crime isn’t connected with anything that has drug – related, violent or criminal behavior. In most cases, the people who commit white collar crime are usually high ranked employees and hold the respectable position in the company before they are discovered.
Federal authorities are in charged for investigation and prosecution. This is not an ideal solution for the accused, because of the high rate of convictions. Federal authorities have unlimited sources at their disposal, and they can pursue the accused ones. That is why people who are accused of white collar crime often misinterpret the intention of the court because they hope that the punishment will be mild. In reality, these type of sentences goes in pair with sentences which involve drug or violence.
The most common types of offenses
Each day people commit a large number of white-collar crimes in the U.S. The most common cases are tax invasions, insurance frauds, insider trading, bribery and money laundering. These types of crimes also involve a degree in which they are committed, smaller crimes involve when a person fails to write down all personal assets on a petition for bankruptcy. On the other hand, bigger crimes may affect large number of people and make them harm, for example, investment frauds made by financial brokers.
The most dreadful and notorious example of this crime happened in 2009, and it was named after schemer who operated 100 years ago Ponzi scheme. This scheme involves pieces of advice and misappropriation of the invested money. This scheme operates in a way where first clients are not paid from the profit, but from the investment that next clients make. The money manager, Bernard Madoff, was convicted to 150 years in prison because he achieved a financial gain of $65 billion due to a Ponzi scheme.
This type of crime has one specialty, individuals who are suspected of white collar crime often become aware that they are being investigated even weeks before their arrest. In some way, this may cause fear and tension about their future, but on the other hand, they can prepare for the outcome, by hiring a criminal defense attorney, sometimes it can even help them avoid the charger or even reduce them.