There are many different types of crime in the US court system, but one of the varieties many people are unfamiliar with is white collar crime. While not as infamous as a crime like murder, white-collar crime does have the ability to ruin millions of lives.
Generally speaking, what white collar crime lacks in blood it makes up for in money. According to the FBI, white collar crime is a general term for a variety of fraud committed by either individuals or groups in business or government.
Understanding the term
There are many different types of crimes that can fall under this umbrella. For example, money-laundering is a white collar crime. Embezzlement is also a white collar crime, or any other variety of fraud.
Probably the most famous white collar crime is the so-called “Ponzi scheme” put into place by Charles Ponzi himself. This crime was so infamous back in the early part of the twentieth century that any “pyramid style” bears this moniker.
Again, the majority of white collar crimes are not violent in nature, but they can easily ruin lives.
Repercussion of white collar crime
When most visualize the word “criminal”, they often do not think of the individuals most likely to commit white collar crime. This is because those who commit white collar crime tend to be well-heeled business professionals. For instance, insider trading is also a form of white collar crime which generally requires higher level of social standing to pull off.
Dealing with white collar crime charges can be complex. It is important to understand white collar crime and its background if somebody has accused you of committing it.