Even if you’re not familiar with the world of criminal law, you’re probably aware that white collar crimes exist. But you may not understand exactly what white collar crimes are or why they’re different than other types of crimes.
What are the most illustrative examples of white collar crimes, and how are they distinguished from others?
The Basics of White Collar Crimes
White collar crimes are so named because they tend to be associated with white collar workers. You don’t have to be a white collar worker to commit a white collar crime, nor do all white collar workers commit white collar crimes. But for some reason, this name has stuck as a description of crimes related to money, business, and other financial interests.
White collar crimes differ from other crimes in a variety of ways. Their nature is fundamentally distinct from the nature of violent crimes, as violent crimes typically result in physically injured or killed victims. White collar crimes produce victims as well, but they’re typically harmed financially instead of physically or mentally.
These types of crimes are also distinct in terms of societal perceptions. While white collar crimes can be devastating, costing upwards of billions of dollars in some cases, we don’t see them as being as offensive or deplorable as violent crimes. As you might imagine, these crimes are also investigated very differently, with investigators often conducting more thorough, less urgent investigations.
The penalties for white collar crimes can be steep in some cases, especially if those crimes are associated with a large number of victims or a high dollar value. Even so, they typically come with fewer and lighter consequences than other crimes.
Examples of White Collar Crimes
These are some of the most common examples of white collar crimes:
- Fraud. Fraud is essentially using lies or deception in pursuit of personal gain. It could mean misrepresenting yourself or your products, or knowingly making false statements on company financial reports.
- Embezzlement. Embezzlement is misusing or taking someone else’s property when it was entrusted to you. For example, as a Treasurer, you might be in charge of significant sums of money; using this money for yourself, even temporarily, constitutes embezzlement.
- Money laundering. Money laundering is the process of taking illicitly earned money and processing it in a way to make it seem legitimate.
- Insider trading. Insider trading is buying or selling securities using privileged information that the public doesn’t know. Keep in mind that it’s possible to commit this crime unwittingly.
- Bribery. Bribery is a much more overt crime in which a perpetrator uses money to “buy off” powerful people. For example, you might attempt to get out of a speeding ticket by handing a police officer a $100 bill.
- Tax evasion. There’s nothing wrong with strategically avoiding taxes with legitimate money management tactics, but when you violate the law, you’re guilty of tax evasion.
- Identity theft. Identity theft is another type of white collar crime. In fact, many cybercrimes qualify as white collar crimes.
What to Do If You’re Accused of a White Collar Crime
What should you do if you’re accused of a white collar crime?
- Take a deep breath. Before anything else, take a deep breath. It’s natural to feel scared, flustered, or even angry if you’re accused of a crime (regardless of whether you actually committed it), but these emotions can lead to irrational decision making. Try your best to calm yourself before saying or doing anything rash.
- Don’t tamper with the evidence. Similarly, don’t tamper with any evidence that might be used against you. You might have a strong temptation to delete files from your computer or hide certain materials, but this is a criminal action in and of itself.
- Hire a criminal defense lawyer. As soon as possible, hire a criminal defense lawyer. Your lawyer will help you understand the charges against you, make sure your rights are being respected, represent you in interrogations, and eventually represent you in court. Consider them your greatest ally.
- Say nothing (until advised otherwise). Don’t say anything to police officers unless you’re advised to do so by your attorney. You have a right to remain silent, and you’re best off exercising it.
- Take things one step at a time. It can take months, or even years to reach a resolution in a white collar criminal case. There will be many procedural phases to deal with during this process. Don’t catastrophize the future or overwhelm yourself; instead, take things one step at a time.
Hopefully, you’ll never have to face a white collar criminal accusation. But if you ever find yourself in this unfortunate spot, it’s important to act logically, carefully, and under the guidance of your criminal defense lawyer.