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Examples of white-collar federal crimes

On Behalf of | Dec 8, 2023 | White Collar Crimes

White-collar federal crimes are non-violent offenses committed for financial gain using deceit or fraud. These crimes are typically committed by individuals in professional settings or corporate environments.

Understanding the various forms of white-collar crimes is important, as they can have significant impacts on the economy, businesses and individuals.

Fraud

One of the most common types of white-collar crime is fraud. Fraud involves deceiving someone for financial gain. This broad category includes various specific crimes, such as credit card fraud, insurance fraud and tax fraud. In the 2022 fiscal year, the courts sentenced 401 people for tax fraud, which was a 22.4% decrease since 2018. In these cases, individuals or groups misrepresent information to obtain money, property or services unlawfully.

Embezzlement

Embezzlement is another type of white-collar crime where someone entrusted to manage or monitor someone else’s money or property steals all or part of that money or property for personal use. This often occurs in corporate or employment settings, where employees have access to company funds.

Money laundering

Money laundering involves making illegally obtained money appear legal. The process typically involves three steps: placing the illegal funds into the financial system, layering or moving the funds to create confusion and distance from the source and integrating the money into the financial system as legitimate funds.

Identity theft

Identity theft is a growing concern in the digital age. It involves stealing someone’s personal information, like their Social Security number or credit card details, and using it to commit fraud or theft. This can lead to significant financial loss and damage to the attacked person’s credit and reputation.

Insider trading

Insider trading is a white-collar crime that occurs in the stock market. It involves trading a public company’s stock or other securities based on material, non-public information about the company. This gives the trader an unfair advantage and violates trust and fairness principles in the stock market.

Remember, the effects of white-collar crimes can be far-reaching, affecting not just the immediate people targeted but also the broader society and economy.

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