subject: White Collar Crime Accusations Can Have Serious, Long-term Consequences [print this page] White-collar crime can be quite serious, and some are hard-pressed to define what a white-collar crime entails. Compiled below are a few of the more frequently asked questions many people have about white-collar crime.
What is white-collar crime?
White-collar crime refers collectively to a wide variety of frauds committed by business professionals and government officials. White-collar crimes are usually non-violent in nature. They are far more subtle and often involve some type of deception.
What are some examples of these types of crimes?
This list is rather lengthy, but the most familiar include bribery, insider trading, embezzlement, fraud, corruption, identity theft, money laundering, tax evasion, and forgery.
Do these crimes fall under state or federal jurisdiction?
White-collar crimes can fall under state or federal jurisdiction, depending on the nature of the crime. However, because these types of crimes are often complex and extend beyond any particular states borders, the federal government will often take the lead in prosecuting.
Are white-collar crimes handled any differently than other crimes?
A crime is a crime, regardless if it is classified as a white-collar crime or not. While it is true that these types of crimes are usually non-violent offenses, the courts take them just as seriously. Those accused of these types of crimes in the past have not faced much jail time, but because of several recent high-profile cases that is changing. White-collar criminals are often required to pay restitution, fines, and forfeit assets as part of their sentencing.
What is restitution?
As part of a plea agreement or sentencing, defendants are often required to pay a set sum of money to the victims of their crime. This is called restitution, and it is designed to compensate those victims for losses incurred because of the crime.
What does forfeiture mean?
This gives the state or federal government the right to seize any property or bank accounts that may have been used to commit a criminal offense, or that was obtained through criminal activity. For instance, if a defendant purchased a home with monies made through illegal activity, prosecutors can seize the property and sell it.
