While working in business, you must have come across crimes that are non-violent in nature. They mainly involve financial frauds, alongside service frauds. If you are wondering what motivates such individuals, stop here. Apart from the primary factors, like money or power, there may be hidden goals in minds. Moreover, identifying perpetrators may be difficult, as they may be working right next to you.
Most perpetrators would argue that it is not a serious offense to result in punitive action. However, the actual scenario is much different. There are several victims as a result of these crimes. More often than not, you will find entire businesses shutting down or families being driven to bankruptcy. The various financial frauds or white-collar frauds we are talking about are banks, mortgages, and insurance. Money laundering in several nations across the globe has recently grabbed international attention, as well.
It may so happen that you are one of the accused in such a case. You, as an individual, have every right to defense. However, you need to know about the crimes, their repercussions, and what steps you can take to protect your citizenship rights. Let us find out more about them.
Embezzlement is a white-collar crime in which the accused comes in possession of the assets legally but wrongfully assumes his rights over it. The most common scenario that you will encounter pertains to employer-employee relationships. Let us find out the details of this crime through various instances. Any employee who works in a powerful position in an organization is often entrusted with handling cash, credit cards, and other monetary assets. However, the said employee mishandles the same or steals it in plain language.
It may not be about money all the time, but it can also relate to goods. Take, for instance, a retail store. A retail store manager entrusted with the upkeep and security of goods may be responsible for unlawfully acquiring them. It is, in plain terms, theft of goods. Most of the time, such crimes do not come to the fore immediately. The reason is, the perpetrator carefully hides it under his guise. However, the employer can detect the crime through missing documents, unauthorized transactions, and disparity in accounts statements, losses, and more.
Once discovered, the company officials compile a list of suspects and questions them. For small thefts, most employers conduct the process of detection and action in-house. However, a large financial threat to any organization can lead them to seek advice from a criminal defense attorney. Here again, the management has two options available—civil and criminal. The seriousness of the crime decides that.
Another white-collar crime that has come to the forefront recently is money laundering. It is a process in which criminals camouflage the stolen assets and project them as legally acquired. This is one of the most prevalent financial white-collar crimes to have rocked the U.S. The perpetrators intelligently accumulate the wrongfully sourced wealth, evade the taxes, and reinvest the money to make more profits out of it. It is all about converting black money into white money in plain terms.
Perpetrators make this money from several institutions comprising banks, flesh trade, narcotics, and terrorism. You will find them reinvesting the money into real estate, virtual currencies like cryptocurrency, and international trade. The FBI is on the lookout for such crimes with full force and determination. If detected, the fines can go up to $500,000 or double the sum involved. And, the prison sentence can go up to 20 years for the individual. You will find both criminal and civil forfeiture involved.
Often referred to as ‘High-investment yield frauds,’ it involves the wrongful sale of financial schemes and instruments. Most perpetrators in the disguise of companies offer low-risk investment opportunities that bring huge returns. You will find such schemes targeting specific communities. Most victims know the employees who are working for such companies. The management of such companies creates a network in the market that comprises known people. So attracting investments is often not looked down upon. Some of these investment frauds include Ponzi schemes, Pyramid schemes, and advance fee frauds.
The Ponzi is one of the first tools white-collar criminals use to lure unsuspecting investors into their web. You will find them offering large yields in a short span to seniors from the account of new investors. Moreover, the other attraction factors include foreign trips and holidays as rewards for the leaders in the chain. The Pyramid scheme is similar to the former, where old participants receive commissions for recruiting new participants. The third advance fee comprises payment of participation fee to participate in sweepstakes and lottery.
You could even be wrongly accused. Any individual who is charged with these white-collar crimes can seek legal counsel in their jurisdiction. Get the best information to protect your rights under all circumstances.