White collar crimes are often referred to as economic crimes because they largely involve money and accounting. These crimes encompass a wide range of offenses, carried out through deception and fraud to acquire some financial gains. A Ktenas Law criminal defense lawyer can provide you with the representation you need if charged with some type of white collar crime.
White collar crimes are driven by one thing and one thing only: money. These types of criminals are typically nonviolent but manipulative. Such crimes are mostly committed by those who are in business circles and have access to large sums of money. Offenders are often from the more affluent population and are harder to catch because they are experts in their fields of work and know how to cover their footprints.
White collar crimes can take many forms, from money laundering to corporate fraud. As times progress and new technologies and financial products are invented and developed, the scope of financial crimes is only broadened.
Types of White Collar Crimes
Various crimes fall under the hood of white collar crimes.
Tax evasion, as the term implies, is the illegal act of non-payment or underpayment of tax to the government authorities. Many businesses and people intentionally misrepresent data to avoid paying the taxes that they should be paying. Tax evasion is a serious offense and can earn the offenders jail time and monetary fines.
Insider trading isn’t inherently corrupt or unethical. It simply refers to the act of trading on public company’s stocks and securities using public information. However, it becomes illegal when a person takes advantage of their position and access to confidential information that favors the outcome of the trading. If the person uses inside, non-public information to trade, knowing that this information will give him an advantage over other traders, it is considered a white collar crime, as it is no longer fair to the others. Many forms of insider trading are now illegal in many countries.
Money laundering is the process of getting large amounts of money obtained through illegal activities, such as smuggling, sale of drugs, etc. through the official channels by concealing it behind a cloud of legal business activities. The aim is to transfer the money to the individual without giving away the dirty trail, converting it into clean money.
Money laundering happens through businesses where the illegal money is hidden among the flow of legitimate profits of the company. Since the amounts are generally so large and come from criminal activity, it can greatly impact the economy of a country. Governments around the world take laundering cases very seriously.
Corporate fraud occurs when businesses conduct illegal activities, employing dishonesty and manipulation of the laws. Corporate fraud is of many types and can encompass any fraudulent activities within a business, from misrepresenting accounts to disguising services and products.
Embezzlement is defined as the misappropriation of funds that are placed in his trust and belong to his employer or workplace. In other words, it is the legal and official term for stealing from a business. It is when a person wrongfully acquires money and assets that rightfully belong to the business that he’s working for, and uses it for personal means. An embezzlement is a form of financial fraud, as even though it did not come to the individual unlawfully, it was not meant for them to use for personal uses. The classic example of embezzlement is an employee stealing from the cashier’s till at a store.
Many other crimes fall under the umbrella of white collar crimes. Bribery and extortion are also considered white collar offenses under the FCPA (Foreign Corrupt Practices Act).
These crimes can be scandalous and have been known to bankrupt and disrepute entire companies. If you sense any suspicious activity within your business, hire a white collar lawyer to protect you and your business from further harm, and to hold the criminal accountable in a court of law.
How Can A White Collar Lawyer Help You?
White collar defense attorneys can help you establish guilt, and give you concrete legal advice about how to proceed against the culprit. Cases require extensive research, drafting, factual development, and argument. The lawyer will have to go through the financial records and books thoroughly to find solid evidence to accuse the offender.
White collar crimes are usually investigated and prosecuted by federal authorities and are taken up against the government in court. Lawyers practicing in this specific department are usually established, reputed, senior attorneys who have years of expertise in the field.
Internal and external investigations will be undertaken by the white collar attorney on your behalf, while procedures and protocols for internal investigations are drafted and followed. Your lawyer will also take care of all legal formalities, compliance issues, and other such complications that you may not be equipped to handle.
Additionally, in a white collar case, your lawyer will also set up a whistle-blower campaign, where potential witnesses and victims are encouraged to come up and aid the case.
All in all, your white crimes lawyer will ensure that your corporate policies and the government’s regulations are both aligned to best assist the case.
These complicated cases can be very difficult to navigate without the help of experienced white crime lawyers. In order to save your business, recover the stolen money, and hold the accused accountable for the crimes, it is strongly advised that you enlist the help of a white collar lawyer, and get the financial justice that you deserve.
Laws against White Collar Crimes
White collar criminals can be awarded anything from fines to jail time, depending on the severity of the situation. No cases are the same, and much depends on the unique details of each specific case in a particular crime.
Other factors can impact the punishment of the offender, and though the prosecution of white collar crimes has risen significantly over the years, traditionally affluent people used to get off the hook simply because there is no violence involved in the crime.
Today, the laws are stricter and recognize white collar crimes as serious offenses that hurt many people and businesses. The damage to the victims is not insignificant simply because it is not physical. Accordingly, punishment is meted out to the offenders which include
- Heavy Fines
- Home Detention
- Community Confinement
- Paying The Cost Of Prosecution
- Supervised Release
Chicago White Collar Crime Lawyers
If you and your business has suffered at the hands of white collar criminals, have been the subject of fraud, have had money embezzled from you, or have had someone launder money that was rightfully yours, you must act quickly and get a white collar lawyer to help you out of your predicament.
Being at the receiving end of such crimes can leave people in a financial mess, and impact their mental well-being as well. Financial crimes, though non-violent, can be extremely destructive and bring people and businesses down to their knees.
Proving the offense in a white collar case is very complex. People who are named as defendants in a crime will do all they can to avoid liability, and in the absence of concrete evidence, can deny their part in any fraudulent activity. They can also play the jury on account of their crimes being non-violent, and push for a low and unfair settlement.
Owing to the complexity of such cases, you must always keep your bases covered and hire an attorney as soon as you can so you bear no more losses, and proceed with the case
However, Chicago has skilled White Crime Lawyers who are experienced in handling complicated white collar crime cases, and they can offer you excellent counsel on your case. We provide you with a free consultation during which we will assess your case and discuss your options.
If you or your loved one has been involved in a white collar case in Chicago, we are the law firm that will help get you justice. Call us at (312) 756-8600 to schedule an appointment with us today, or contact us online.