Types of White Collar Crimes Update: Do you really understand what white collar crimes are? Here is what you need to know, along with five examples of the most common white collar crimes in Texas.
According to the FBI, “white collar crime” is a term that came into existence around 1939. Since then, it has been used to describe a range of criminal acts that largely involve fraud, corruption and money laundering. In the past decade or so, advancements in digital technology and our growing interdependence on the internet have broadened the scope of white collar crimes and the ability for the average person to find themselves involved in a potential criminal activity.
That said, statistical data tells us that the rate of white collar crime prosecutions is the lowest that it has been in twenty years, gradually decreasing after a peak in 2011. Texas, being the home office location of some of the largest corporations in the United States, sees its fair share of white-collar crime. However, a surprising number of white collar crimes are committed on a much smaller scale. According to the Dallas criminal defense lawyers at Broden & Mickelsen, LLP, this what you need to know about white collar crimes and the five types that are behind the majority of prosecutions in the state of Texas.
Related: Federal Fraud Cases
What Is a White Collar Crime?
Most people are at least vaguely familiar with the term “white collar crime.” However, the term encompasses so many different criminal acts that a few misconceptions have been born. When someone asks “What is a white collar crime?” they’re often surprised by the complexity of the answer.
White collar crimes are criminal acts that typically occur in a business or corporate setting. They are generally non-violent acts that involve theft or deception for financial gain. While a large number of white collar crimes do occur in a business setting, there are a number of criminal acts that fall under this umbrella that occur outside of any workplace.
Examples of white collar crimes include any type of fraud, embezzlement, money laundering, tax crimes and Ponzi schemes. Many white-collar crimes are obviously illegal but others are a little less clear. For instance, a person who is embezzling money knows they are committing a criminal act, where a person who isn’t entirely truthful in describing the quality of the products or services they supply, might not realize that this type of deception can also be categorized as a white-collar crime.
5 Most Common White Collar Crimes in Texas
White collar crimes happen everywhere, from major metropolitan areas like the Dallas-Fort Worth region to smaller, quiet towns. While we see a variety of financially motivated criminal acts throughout the state, these are five of the most common white collar crimes in Texas.
Corporate Fraud
Corporate fraud is the type of criminal activity that many people immediately associate with the term “white collar crime.” In the simplest of terms, corporate fraud is the intentional misrepresentation of a company’s financial information. Examples include falsely reporting financial information or finding ways to make a business look more profitable than it actually is in reality. Corporate fraud is a major target of FBI investigations.
Tax Evasion
Tax evasion is the act of illegally and purposefully evading a tax obligation. This form of tax fraud is a white collar crime that is committed by both individuals and businesses. Acts of tax evasion extend beyond failing to file or pay taxes due, but can also include falsifying financial information or illegally transferring property for tax-related purposes.
Money Laundering
Money laundering is a white collar crime that involves hiding money that has been acquired through illegal means. This action typically involves tactics beyond secret bank accounts and will include activities such as purchasing or selling assets to provide a false, legitimate looking record that the money was legally acquired.
Embezzlement
Embezzlement occurs when an individual person or group illegally and secretively take money from a business or organization. In most cases, the person committing embezzlement is an employee or someone who has been trusted with financial information. Embezzlement is a serious crime in Texas, and it doesn’t need to involve large sums of money to be considered a crime.
Healthcare Fraud
This is a type of white collar crime that serves as an umbrella for multiple criminal acts. Healthcare fraud can be committed by those who work in the healthcare field and by individuals who manipulate the healthcare system in some way. Examples include a physician who knowingly bills an insurance provider for services not delivered, or a patient who falsifies their identity in order to use another person’s insurance coverage.
Do You Need a White Collar Crime Defense Attorney in Dallas?
Depending on the type of crime committed and the monetary amount involved, white-collar crimes can be charged as a misdemeanor or a felony. If you’re facing charges, the most important thing you can do is contact a white collar crime defense attorney in Dallas to review your case. A defense attorney at the Broden & Mickelsen, LLP in Dallas is experienced in white collar crime law and can prepare a strategy for a powerful defense to help establish your innocence. Being convicted of a white collar crime can result in severe penalties and a criminal record that will follow you for life. Reach out to a defense attorney in Dallas that has a record of success in white-collar cases.
Media Contact:
Dallas White Collar Crime Lawyer
Broden & Mickelsen, LLP
(T): 214-720-9552
***ATTORNEY ADVERTISING***
Prior results cannot and do not guarantee or predict a similar outcome with respect to any future case.
Sources:
- https://www.fbi.gov/about/faqs/what-is-white-collar-crime-and-how-is-the-fbi-combating-it
- https://trac.syr.edu/tracreports/crim/514/
