What Types of Crimes Fall Under the Category of White Collar Crimes?

An accusation or formal charge of a white collar crime can devastate a person’s reputation and career. Typically, “white collar” crimes involve accusations of deceit for the purposes of financial gain. Most of the crimes labelled “white collar” exist under the following categories: money laundering, embezzlement, tax evasion, and fraud. Here are some quick definitions of these categories.

Money Laundering

Money laundering is the act of hiding illegally obtained money (for example, through drug sales or other illegal transactions). Laundry money obtained through drug sales, or other illegal transactions). Money laundering involves a series of transactions, the purchase and sale of assets that, at the end, makes the money look legitimate.

Embezzlement

Embezzlement is essentially the theft of money taken in secret, most often involving an employee taking from an employer or an employing organization. This usually involves the employee secretly diverting money from a company or organization’s account into the employee’s personal bank account. Think of an accountant accused of stealing from an employing company, or an investment advisor accused of improper use of a client’s money.

Tax Evasion

Tax evasion is the process of illegally avoiding taxes that a business or individual is obliged to pay. Evading taxes can be as simple as filling out a tax form incorrectly, or illegally transferring property and other tactics. Individuals and businesses can both be accused of tax evasion.

Fraud

Fraud is usually a component of most white collar crimes. Tax evasion is the process of illegally avoiding taxes that a business or individual is obliged to pay. Evading taxes can be as simple as filling out a tax form incorrectly, or illegally transferring property and other tactics. Individuals and businesses can both be accused of tax evasion.

If You’ve Been Accused Of A White Collar Crime

In every state in the US many business people, accountants, and other professionals are serving time in prison right now in state and federal prisons for white collar crimes. This is why it is important to take such allegations seriously. If you have, be sure to consult an attorney. Contact The Williams Litigation Group and learn what options you have.

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