White collar crimes are financial crimes that are non-violent in nature. People who commit white collar crimes are different than your regular criminal or offender. These people are highly intellectual and powerful; their actions can be best described as ‘corporate fraud and theft’. It is the thirst or need of money that drives them to steal from oblivious or innocent people. The schemes they run often involve transactions worth thousands or millions of dollars, which is why white collar crimes have a significant impact on our economy.

The masterminds in corporate schemes are usually good at incriminating someone else for their wrongdoings. If you have been wrongfully accused of a white collar crime, you should understand that conviction can lead to a very harsh sentence. Arizona Criminal Defense Attorney can help clear your name and save you from a life in prison.

1. Embezzlement

Embezzlement is a crime that can be committed by anyone who is in charge of handling incoming cash or company funds. The offender is someone who is entrusted with large sums of money on a regular basis, and he/she keeps some of it for themselves. This person either steals an amount that is barely questionable, or holds a position where nobody dares to question him/her.

2. Blackmail/Extortion

Money acquired through extortion generally involves blackmail and soft threats. The person being blackmailed is typically an honorary figure who cannot afford their reputation to be dragged through the mud. They will not hesitate to pay a hefty price to the blackmailer for keeping quiet.

3. Insider Trading

Insider trading involves exchange of confidential and sensitive information that can lead to significant financial gains. For example, an employee in Company A reveals the unpublished rate list to the CEO of company B (their biggest competitor). Company B uses this data to revise their rate list and attain an edge in the market.

4. Bribery

Some of the most influential individuals running a corporation accept bribes from clients or customers to provide them an unfair advantage. The giver of the bribe wants to accelerate a procedure or get their work done fast, rather than waiting in queue. The taker of the bribe doesn’t mind toying with the system to get some extra cash in their pockets.

5. Counterfeiting

Counterfeiting refers to the production of fake currency that looks like the real deal. Advanced laser printing technology has made it rather easy to copy bank notes. Governments have made efforts to complicate the colors and designs of bank notes, so that it becomes increasingly difficult to duplicate them.

6. Espionage

Espionage is similar to insider trading and bribing. It involves one company buying out an employee of another company to share trade secrets. For example, the owner of a new fast food restaurant pays $5000 to the kitchen helper at a KFC franchise to reveal the special recipe of their Kentucky fried chicken.

7. Money Laundering

Corporate criminals who attain loads of cash through fraud and deceit need a means to exhibit it as legally generated money. The unlawfully acquired money is channeled through multiple accounts into a legit business where it is amalgamated with actual revenue. 

8. Identity Theft

Identity theft is a form of cyber-crime that involves stealing someone’s personal information to hack into their digital finance accounts. The hacker can transfer the victim’s money into a fake account of their own or anonymously make purchases on their credit/debit cards.

9. Ponzi Schemes

The Ponzi Scheme, named after the infamous ‘Charles Ponzi’ can be described as an investment scam that promises quick and high returns with zero risks. The schemer takes money from some investors and then pays them back with the money of the next investors. The cycle continues as long as a sufficient number of new investors keep coming.

10.Bankruptcy Fraud

Some corporations conceal their assets and file bankruptcy to discharge mountains of debt. They no longer have to pay in full to creditors and their business remains untouched.

RELATED ARTICLES

Leave a Reply

Your email address will not be published. Required fields are marked *