What Is the Most Common White Collar Crime?

The term ‘white collar’ crime generally refers to a non-violent crime occurring in a business-related setting. If you’re wondering, “What is the most common white collar crime?” the answer is fraud. Fraud refers to deliberate acts of deception of varying degrees to secure some kind of gain, usually financial, at the loss of another unsuspecting victim or entity.

Understanding the nuances of white collar fraud is helpful for anyone who has been charged with this type of crime, is looking for legal assistance, and needs a Kentucky white collar crime defense lawyer to defend their position in court.

Understanding Fraud: The Leading White Collar Crime

White collar fraud crimes are intentional acts of deception used to secure an unfair or unlawful financial gain. These types of crimes can span across many different industry and business sectors and can take many different shapes and forms. Some of the most prevent include:

Identity Theft

When someone steals another person’s personal information, like their Social Security number or another identifier, this can be classified as identity theft. Criminals who engage in this behavior may use the information to open up a new credit card or commit a different crime under the victim’s name.

Credit Card Fraud

This involves the unauthorized use of someone else’s credit card information to either make a purchase or withdraw funds without their permission. This can happen through skimming devices at ATM stations, conducting an online phishing scam, or data breaches. Many victims don’t realize this is happening to them until they see an unexpected charge on their statement.

Securities Fraud

An act of securities fraud involves deceptive practices in either the stock or commodities market. Common examples in this space include insider trading, Ponzi schemes, or even providing false information to investors to hide the reality of a company’s financial status. This is an extremely serious crime, as it can cause significant loss to investors and undermine the public’s trust in the county’s financial markets.

Insurance Fraud

When someone makes a false claim to an insurance company to receive benefits that are unjustified, this can be classified as insurance fraud. It can include exaggerating details about how injured someone is or the extent of property damage, staging an accident, or even fabricating specific events to earn an insurance settlement. Both a policyholder and provider have the power to commit insurance fraud.

Healthcare Fraud

Healthcare fraud is when false information or misleading claims are submitted to either a healthcare insurance provider, Medicare, or Medicaid to start receiving unentitled payments. False information submitted could be billing for services that were never rendered or receiving illegal kickbacks for patient referrals. This type of fraud could cause an increase in healthcare costs and pose a risk to a patient's life.

Corporate Fraud

Corporate fraud includes illegal activities that are executed by an individual to deceive investors, regulators, or other stakeholders who have a financial interest in the business. This could include falsifying different financial statements, insider trading, or even embezzling money from the company for personal use.

Because corporate fraud can lead to significant financial loss for the company and individuals who invest in its success, the consequences can be severe for anyone found guilty of corporate fraud. These could include significant fines or a prison sentence.

Money Laundering

The process of money laundering is the intention to make illegally-gained proceeds appear legal. It is also sometimes referred to as taking “dirty money” and making it “clean.” This is typically done through an organized series of complex transactions to try to hide where the money originated from. Aside from money laundering itself being illegal, this individual act could also be tied to other criminal activities, including drug trafficking and terrorism.

FAQs

Q: What Is the Most Common Punishment for White Collar Crimes?

A: The most common punishments for white collar crimes are fees, restitution, and imprisonment. The severity of each penalty will depend on the severity of the consequences of the crime. A criminal defense attorney can negotiate with the prosecution and defend the accused to minimize these penalties.

Q: What Defenses Are Commonly Used in White Collar Crime Cases?

A: Some of the most common defenses employed in white collar crime cases include a lack of intent, providing evidence of entrapment, or suggesting that there is not enough evidence to prove guilt. Other defenses, like questioning the legality of how the opposing counsel collected the evidence, could highlight a procedural error in the investigation process and force certain pieces of evidence to be inadmissible in court.

Q: How Important Is Intent in Defending Against White Collar Crime Charges?

A: Intent is extremely important when defending against white collar crimes, as many final verdicts hinge on the ability to prove that the accused willingly engaged in fraudulent activities. For criminal defense attorneys, demonstrating a lack of intent can be a strong enough argument to protect their client from a guilty verdict. This could help to reduce the charges they face or dismiss the case entirely.

Q: How Can a White Collar Crime Charge Be Reduced?

A: The consequences of a white collar crime are often reduced through a concept called a plea bargain. This is a common approach where a criminal defense attorney will negotiate with a prosecutor to reduce the charges in exchange for their client’s guilty verdict. A defense attorney will recommend this to their client when the evidence is so overwhelming that it appears their client will be found guilty. A charge could also be reduced during an official appeal.

Contact McNally Law Today

If you or someone you love is facing charges related to a white collar crime, it’s imperative to have experienced legal representation on your side. At McNally Law, we appreciate how high the stakes can be in this case. This is why our team of legal professionals is committed from day one to protecting your rights and constructing the most compelling defense possible. Contact us today to begin the process and see why others have already chosen us to help navigate their white collar crime cases.