White-collar crimes cover a broad spectrum of offences that are all connected by the willingness of the offenders to cheat, deceive, or otherwise manipulate. White-collar crimes, often known as economic crimes or crimes with a financial motivation, can be committed by people, companies, or professionals. In New York, these crimes are frequently categorized as major offences, and those found guilty face harsh punishments. A white-collar crime accusation can seriously damage your reputation. The most common white-collar crimes include fraudulent use of credit cards, identity fraud, money laundering, property fraud, tax fraud, mortgage fraud, and racketeering.
Most common white-collar crimes
Following are some of the most common white-collar crimes in Newyork:
Banking Fraud
Banking fraud is the practice of collecting funds, assets, or property held or owned by companies in illegitimate ways. The theft of depositors’ money by someone impersonating a banking or financial organization is another example of bank fraud. Due to this distinction, bank fraud is typically categorized as a white-collar crime.
Money laundering
A financial transaction technique known as “money laundering” seeks to hide the name, source, and final destination of money obtained illegally. There are three steps to the money laundering procedure. First, the money gets into the launderer’s hands through the criminal activity that generates it. Second, the money is transferred through a confusing series of transactions to mask the identity of the original recipient of the funds from the criminal operation. Third, the scheme uses a secretive and deceptive method to give the money back to the money launderer.
Theft of identity
Identity fraud is a type of identity theft in which a perpetrator acquires another person’s identity to access financial resources, apply for credit, or receive other privileges in that person’s name. Identity theft was first used in 1964. ID theft is a federal or state-level white-collar crime that can be prosecuted.
Fabrication
Fabrication is also known as a forgery. The process of creating or modifying items or papers with the goal of tricking people or organizations into parting with a lot of money. Money forging is a crime more commonly referred to as counterfeiting.
Fraud is a closely related and comparable crime that involves intentionally misleading a person or organization using items gained through forgery. One method of fraud, which includes identity theft, is a forgery. According to the majority of criminal attorneys, forgery is one of the most frequently brought charges by the New York government.
Insurance and healthcare Fraud
Medical, pharma and health insurance fraud all fall under this category. Any action taken with malicious intent to receive an advantage to which an individual is not legally entitled constitutes insurance fraud. Additionally, it occurs when someone knowingly withholds a benefit to which they are entitled.
Premium diversion, fee churning, and workers’ compensation fraud are the most common types of insurance fraud.
Punishment for White Collar Crime
White collar offence is frequently crimes that fall in categories B or C. A person who is found guilty of a white-collar offence faces a sentence of 1 to 20 years in prison as well as a penalty of up to $100,000. Additional expenses, including compensation, legal fees, and the cost to repair damaged credit histories and ratings, are not included in the fine.
An individual with a conviction might have trouble finding or keeping a job. White-collar offences generally involve dishonesty and deception. Consequently, many businesses are reluctant to hire someone convicted of a dishonesty crime.
