Perpetrators of so-called “white-collar crimes” often believe that their position in a corporate environment affords them undue privileges. Many people accused of such actions would never consider themselves criminals, in fact, but the law typically sees things differently. Considering its most common forms makes it easier to understand how somebody might fall into a pattern of white-collar criminal behavior.
These three crimes are some of the most frequent white-collar offenses. No matter what kind of environment you work in, breaking the law has consequences. These and other white-collar crimes are serious legal matters that should be handled by professional legal representatives.
1. Ponzi schemes
Pyramid schemes rely on financial support from investors who are repaid from funds that are invested later. When Ponzi schemes are revealed, they often make headlines and the perpetrators become fixtures in the news. This is not surprising — the level of manipulation required to execute such a deception is considerable. This is a common white-collar crime, and its effects are devastating to all involved.
2. Identity theft
According to the Insurance Information Institute, as many as 15 million Americans are victims of identity theft in a given year. With modern security and fraud protection features on most bank accounts and cards, it might seem like a minor crime, but identity theft may entail stealing cards, using another person’s identity as your own or selling their personal details for profit.
3. Bankruptcy fraud
Bankruptcy is an important resource for anybody experiencing an insurmountable burden of debt. It can allow for the discharge of certain debts or reorganization so that the filer can gain relief. Unfortunately, some people abuse this process and fraudulently file for bankruptcy. This might include hiding assets, exaggerating debts or misrepresenting income. The result will likely be more than just a rejection of your filing. You will also be criminally liable for fraud.