White-collar crimes can have significant financial effects on victims, so it is important to understand these offenses and their repercussions. If you are facing charges related to one of these crimes, it is crucial that you secure skilled representation. Reach out to a knowledgeable Atlanta white-collar crime lawyer to schedule your free consultation today.
What is a White-Collar Crime?
A white-collar crime is a non-violent, financially motivated offense that is generally committed by an individual in a position of trust or authority in their place of employment. The term “white-collar crime” got its start in the 1930s and is thought to have been coined due to the white-collared shirts that offenders of these crimes generally wore.
Some examples of white-collar crimes include:
- Tax evasion: Failing to pay or underpaying taxes
- Insider trading: Using information that has not been made publicly available to gain money or avoid losses in the stock market
- Embezzlement: Misappropriating money or assets that were entrusted to the person
- Bribery: Offering or accepting bribes to influence decisions or gain other benefits
- Money laundering: Putting money made from illegal activity through a series of transactions to make it appear as if it was obtained in a legal and legitimate way
- Health care fraud: Deceiving the healthcare system in order to receive greater benefits and reimbursement
- Mortgage fraud: Intentionally misleading or deceiving a lender about information in order to secure a mortgage loan
- Identity theft: Stealing personal or financial information to commit fraud or other crimes
- Ponzi schemes: A fraudulent investment scam where investors are paid using funds from new investors, but no legitimate business is done
Who Are the Victims of White-Collar Crimes?
White-collar crimes can have a variety of victims, ranging from individuals to businesses, government entities, and the general public. The U.S. DOJ (Department of Justice) divides victims of white-collar crimes into two distinct categories: voluntary victims and involuntary victims.
You may wonder who would voluntarily be the victim of a financial crime. However, these individuals do not know that they are agreeing to be swindled. Voluntary victims include individuals who were exploited by the promise of making money fast and who bought into things like a Ponzi scheme or investing in a company based on false financial information.
Involuntary victims are those who were participating in normal activities but were financially exploited nonetheless. Creditors, employees, customers, and businesses could be involuntary victims. For example, someone whose identity was stolen randomly or a company whose employee embezzled money could be considered involuntary victims.
White-collar crimes in general can erode public trust in institutions and negatively impact the economy. Whether visible or invisible, these offenses leave behind a plethora of victims in their wake. For more information and skilled legal advice, reach out to an experienced defense attorney at Williamson Legal, P.C. today.
