Today’s white collar crimes are highly complicated and sophisticated due to computers and other forms of advanced technology. They range in severity and complexity, but are far from victimless.
Serious damage can result from this type of criminal activity, including destroying a business, wiping out a family’s entire savings, costing investors billions of dollars and even damaging the U.S economy and investor confidence.
Most white collar crimes are committed in hopes of financial gain. Through acts of concealment, deceit or violation of trust, this type of activity may go on for years before being noticed, if noticed at all.
It’s estimated that white collar crimes cost the U.S. close to $300-600 billion per year.
That’s billion, with a “B”…
Below are some of the most common types of white collar crimes committed all across the United States:
- Fraud is the most common white collar crime and includes omission or misrepresentation of material facts. Monetary loss is usually detrimental. There are a variety of different types of fraud, including:
- Identify theft
- Computer fraud
- Healthcare fraud
- Credit card fraud
- Bankruptcy fraud
- Telemarketing fraud
- Insurance fraud
- Mail & postal fraud
- Government fraud
- Financial and securities fraud
- Theft is another common white collar crime that includes blackmail, embezzlement or misappropriation of property.
- Violation of statutory law includes a wide range of criminal activities:
- Money laundering
- Public corruption
- Insider trading
- Tax evasion
- Environmental law violations
- Antitrust violations
Individuals, as well as businesses and corporations, can be charged with white collar crimes. The penalties can be very steep depending on the severity of the crime. Sometimes the punishment can be reduced if the individual helps with the investigation.