If you’re facing a white-collar crime charge in New York, you are no doubt aware of the seriousness of the matter. To this end, comprehending what white-collar crime actually entails is of huge importance to ensure you get the legal assistance you need when faced with severe charges.
According to the Legal Information Institute, white-collar crime is defined as non-violent crimes that occur within the confines of a commercial operation to achieve a financial gain. It’s often difficult to prosecute these crimes, as illegal transactions for monetary gain are usually complex, and the actors take great pains at concealing their activities to avoid discovery. Insider tips are often integral in catching perpetrators in the act, as these individuals will be privy to information that law enforcement simply can’t access.
There are a number of criminal offenses that fall into the category of white collar crime. These can include insider trading, counterfeiting, bribery, embezzlement, theft of trade secrets, money laundering, mail fraud, and many others. These crimes and others like them are estimated to cost up to $300 million on a yearly basis. Both corporations as well individuals can be charged with white collar offenses, and there are a range of potential consequences.
For instance, a person convicted of a white-collar crime may be subject to imprisonment, home detention or supervised release. There are also monetary consequences that can be levied, including covering the cost of prosecution, restitution and seizure of any property linked to the crime in question. In cases where a significant amount of financial harm has occurred to at least one person, the prosecution will often seek to increase sentences.