Question By: White-collar crimes include intricate transactions that need for a deep understanding of federal laws and tax law. It is crucial to engage with a lawyer who is experienced in defending cases at all levels because these kinds of crimes are frequently the subject of both state and federal prosecution. Federal law enforcement organisations occasionally carry out an investigation for months or even years before charging a person. It is typical for people to be completely ignorant that they are the focus of a government inquiry. Many white-collar criminals are overwhelmed and intimidated by the experience of being charged with a major crime because this is frequently their first engagement with the criminal justice system. It is extremely taxing to consider getting a felony conviction and going to jail. Many punishments also include restitution requirements for the offender's crimes.
There are many types of white collar crimes, but the following are the most common:
- Corporate Fraud
According to the FBI, the majority of the cases of corporate fraud they pursue involve falsification of financial information, insider trading, and schemes designed to conceal corporate fraud activities and impede the regulating bodies such as the Securities and Exchange Commission from conducting their inquiries.
- Embezzlement
Embezzlement happens when a person entrusted by an employer or another person to handle money or property uses their position to misappropriate funds. An example of embezzlement is when an employee finds ways to funnel company money into their own bank account. Another is when a politician spends campaign funds for their personal expenses.
- Ponzi Schemes
Named after Charles Ponzi, a con man who reportedly made $250,000 a day via his mail coupon fraud in the 1920s, a Ponzi scheme is a type of investment scam that promises high returns for little to no risk. People or organizations engaged in Ponzi schemes focus their efforts on attracting new investors to pay the older ones. The scheme falls apart when new customers stop coming in and the flow of new investments dry out.
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