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Understanding white-collar crime

On Behalf of | Mar 9, 2024 | White Collar Crimes

The phrase “white-collar crime” refers to a broad range of non-violent, financial crimes that an individual may commit in order to obtain an advantage for themselves or a business. White-collar criminals are usually executives from the middle and upper classes.

When a white-collar crime accusation is made, a company’s internal crime prevention team, state authorities, the FBI, or the CIA may be called to look into these violations. A state government or the federal government may file charges against an individual or individuals suspected of white-collar offenses.

How to identify white-collar crime

The following are some common white-collar crime scenarios:

  • The criminal is an employee of the company that is the target of the crime. This indicates that they are privy to their victim’s inner circle.
  • The offender takes considerable measures to create the appearance that their behavior is appropriate for the job. Because the other workers have faith in them, their misdeeds remain unpunished.
  • The victim is unknown to the offender. They carry out the crime remotely, sometimes using technology. Since this kind of crime is perpetrated outside the firm, it could go unreported for some time.

Data gathered in 2022 and 2021 reveals that white-collar crimes cost an astounding $56 billion in lost revenue. But just 3 percent of these offenses were prosecuted.

If a person is found to be involved in white-collar crimes such as fraud, insider trading or embezzlement they will likely face tough legal consequences. To combat the accusations, an alleged offender will require assistance in creating a strong criminal defense.