The term “white collar crime” is used as a general description for nonviolent criminal activity involving the use of fraud or deceit for financial gain. In Maryland there are a number of federal and state crimes that fall into the category of white collar crimes. This blog will examine some of the more well-known examples of white collar crime.
Fraud is one of the most common white collar crimes. Fraud typically involves lying to someone, or failing to disclose material facts, in order to obtain money from the victim. Fraud can include mortgage and insurance fraud. Because of their severity, most fraud crimes result in felony charges. Insider trading is another common white collar crime and occurs when someone uses information about a company that is unavailable to the general public in order to trade in securities.
Embezzlement is the act of wrongfully taking money that one has been entrusted with. Embezzlement often involves an employee taking money from their employer for their own personal benefit. Embezzlement can also occur when an investment broker misappropriates a client’s money.
The white collar crime category also includes tax evasion. Tax evasion can consist of deliberately putting false or misleading information on a tax return. It can also involve major efforts such as fraudulently transferring property to another person or company in order to avoid paying taxes. Both individuals and corporations can commit tax evasion.
One other type of white collar crime is known as money laundering. This process involves taking money that was acquired illegally and hiding the origin of the money through a series of financial transactions.
White collar crimes can involve complex financial evidence. They can also result in severe penalties, including prison time. Anyone accused of this type of crime should consider retaining an experienced criminal defense attorney.
Source: www.findlaw.com, “White collar crime“, Accessed June 14, 2015