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White collar crime is one of the most common criminal charges levied against those in the business world. Whether you work at the lowest level of a company or are the CEO, you could find yourself at the forefront of a criminal investigation. Our Los Angeles white collar crime attorney would like to examine the various types of white-collar crime in today’s post.
Securities fraud is one of the most common types of white collar crimes. This crime typically involves insider trading. Insider trading occurs when an employee of a company uses insider information to make trades and investments, which is typically a violation of duty or their obligation as an employee.
Securities fraud also occurs when a person tries to find an investor for their company but does so by misstating the company’s health, finances, or prospects. The person and some of the employees in the company committed securities fraud when they lure someone to invest in the company based on false pretenses.
In order for someone to be charged with securities fraud, the person within the company must make statements about the company that they know are false. This can also happen if an employee makes false statements in a publicly traded company’s public reports.
Another form of white collar crime is that of embezzlement. This is the act of improperly taking money from a person whom you owe a duty. The most common type of this crime occurs when an employee illegally takes money from their employer. This is most often done by funneling the money into a personal account.
The definition of money laundering is filtering illegally obtained money, also known as dirty money, through various transactions so that it makes the money seem legitimate. Someone who launders money typically has to go through three steps to make it happen. These three steps include depositing the money in a bank account, separating the money from its illegal background using complex transactions, and then mixing the money with clean money so that it blends in seamlessly. The most common way this is done is by selling assets.
Tax evasion is considered a white-collar crime because the person is trying to avoid paying the taxes they owe the government. Tax evasion can take many forms. It can involve hiding assets so they are not taxed transferring assets, and even providing false information on a tax return to lessen the amount of money taxed. Both companies and individuals can commit tax evasion.
Mortgage fraud is a white-collar crime that can be committed by individuals and lenders. Lenders might offer interest rates above what is recommended or even offer some form of a loan that promises investment payments from entities such as the IRS. An individual can commit mortgage fraud by lying on their loan application.
Have you been accused of committing a white collar crime listed in this post? It’s in your best interest to contact Okabe & Haushalter today to speak with us about your situation and how you can build a defense.