What Are White Collar Crimes ?
White collar crimes are usually crimes that are committed by affluent people. They use deception for financial gains and this deception does not involve any kind of violence. The people who commit white collar crimes are usually public officials, business people, professionals or entrepreneur. The main aim of the crime is to siphon money through complicated financial transactions. |
Usually, as the crime involves financial transaction, the perpetrator leaves behind what is known as a paper trail. It is this trail that the investigators follow and use as evidence to prosecute the person.
There are many types of white collar crimes, but all of them involve money in some way or the other. Some examples of white collar crimes include bribery, extortion, fraud, price fixing, money laundering, embezzlement and racketeering. Even violating environmental laws, computer fraud and obstructing justice is considered as white collar crimes.
The state or the federal government can prosecute a person for a white collar crime. If state laws are broken, the state prosecutes, and if federal laws are broken, the federal government will prosecute. If a person is a victim of a white collar crime, it is best to hire a good criminal lawyer, who can help the person recover the lost monies.
In today’s world, white collar crimes are increasing. However, not everyone reports such crimes. According to the National White Collar Crime Center, 1 out of 3 people in the US falls victim to white collar crime, but just a mere 41 percent of victims report the crime. The cost of white collar crimes to the country runs into billions of dollar. The Center also claims that violent street crimes have reduced over the years, but there is a significant rise in white collar crimes, especially embezzlement and fraud. Even securities fraud has risen significantly in the recent years.
One of the most high profile white collar crimes in the recent times would be the ponzi scheme that was run by investor and financial advisor Bernard Madoff. The total loss caused by this white collar crime is said to be around $18 billion. Not only was Madoff banned from the securities industry, he was also handed a jail time of 150 years. Even celebrities were fooled by Madoff and they lost a substantial amount. However, it were ordinary people, who incurred the maximum losses, as some of them lost all their savings because they had invested in Madoff’s scheme and are now left penniless.
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What Are White Collar Crimes
The notion that most people possess is that all of crimes taking place in the society always occur on the street. However, this is not true. While crimes involving knives and guns do occur in the streets of our cities and towns, there are other crimes that occur in a non-violent manner. Such crimes are usually committed for financial gain and are termed as white collar crimes. 
