A white-collar crime refers to a non-violent financially motivated crime usually committed by business and government professionals. The term was coined by Edwin Sutherland in 1939 due to the nature of the offenders. “White-collar” refers to the shirts of conventional management, non-labor workers as opposed to the “blue-collar” worker who typically wore blue shirts and was employed in a labor-heavy profession.
How Serious Is a White-Collar Crime?
Like any crime, the severity of the damage caused varies and although direct violence is usually not involved, white-collar crimes can still cause significant damage to the victims. If a large company that handles the investments of regular people begins committing white-collar crimes such as embezzlement or fraud, the people who put their trust in this company could lose all of their money. While no physical damage has occurred, the stresses of financial loss can seriously impact families that couldn’t afford to lose money.
Common Types Of White-Collar Crime
There are many types of white-collar crimes and some of them will sound familiar. There are also some that are more common that you may not have heard of.
Fraud- This is more of an umbrella term and there are several types of fraud such as corporate fraud, bankruptcy fraud, and tax fraud. At the center of fraud is lying so this includes any attempt to deliberately misinform someone for financial gain.
Embezzlement- Similar to stealing, embezzlement is the misappropriation of funds placed in one’s trust. Some examples include forging checks and cashing customer checks under fake names. It is generally not considered larceny as the assets are entrusted to the perpetrator in the first place, and not forcefully acquired. Check out this page for information on how bail works for embezzlement in Texas.
Money Laundering– This crime involves concealing the origin of illegal money by converting it into a legitimate source. An example would be a drug trafficker opening up a gas station and feeding the dirty money into the business to have it come out clean on the other side.
Extortion– This crime involves obtaining some benefit, usually money, through coercion. An example would be a business professional threatening another professional to buy a product or make a deal.
Common Punishments For White-Collar Crime
Punishments for these crimes will vary greatly depending on severity, as with all crimes. The most common form of punishment for these crimes is fines. While jail time is still common, sentencing lengths generally do not exceed three years. The fines, however, can be extremely high. For example, Michael Milken, the American financier convicted of securities fraud, had to pay a fine of $600 million for his offenses. While fraud penalties can reach into the millions, money laundering penalties have a maximum limit of $500,000 and 20 years in prison per violation. Hopefully, you have a better idea of just how serious the penalties for white-collar crimes can be.
Call PCS Bail Bonds If You’ve Been Charged With A White-Collar Crime
If you or a loved one has been arrested for a white-collar crime, PCS Bail Bond will work swiftly to post your bail. We are available 24/7 and have been serving the Tarrant County area for over 30 years and our licensed bail bondsmen know how to serve you and your family. Give us a call so you can get home!