Around the holidays, there is a new breed of crime that often comes out. This may be because people are in need or because the workforce starts having Christmas bonuses. For whatever reason, white collar crimes in Michigan or anywhere else happen more around the holidays.
With that, let us brush up on your knowledge about white collar crimes.
What are the kinds of white collar crimes?
There are different kinds of white collar crimes that are committed by professionals in their activities. The following are the different kinds of white collar crimes:
A very popular kind of white collar crime is in the form of ponzi schemes. A ponzi scheme is a type of an investment scam that promises to its investors high returns for very little to very low risk.
People who engage in ponzi schemes do not put their focus on increasing the investments by investing in a product or developing a product but on attracting new investors in order for them to pay the older ones. Since the older investors think that they are making money, it becomes easier for the old investors to also recruit new investors in the scheme.
It has been noted that corporate fraud is one of the most common kinds of a white collar crime. Of course , corporate fraud includes different kinds of frauds under its wing. According to the fbi majority of the cases of corporate fraud are prosecuted under the following crimes:
Insider trading is one of the most common crimes under this general wing. When the individual who has private material information about a stock decides to use such information for the buying or the selling of a publicly traded company stock, he is considered guilty of insider trading.
The controlling factor here is the fact that the information must be non-public and it must be materials such that if you know the information you would be leaning towards either buying more stocks or selling the stocks that you already own. Any material non-public information that substantially affects and impacts the investors decision to buy or to sell a security is considered as a substantial violation of the law against insider trading.
A perfect example of this crime would be the one committed by Martha Stewart where she sold her stocks in another company, with the knowledge of what might happen next to the company.
Falsification of financial information
Another white collar crime is the falsification of financial information. Here it is already known that a majority of corporate fraud cases involved in accounting schemes are done through falsification of the true financial condition of the company.
The term “fake it until you make it” is prevalent in some companies but when done to “deceive investors, auditors, and analysts about the true financial condition of a corporation or business entity”, it is considered as a crime.
A favorite white collar crime in many movies is related to the crime of embezzlement. Embezzlement happens when a person who is entrusted by an employer or another person to handle money or the finances of the company uses such trust to misappropriate funds.
If you have noticed there are a lot of movies and series that have used the concept of embezzlement to show a white collar crime. For example when a politician spends a campaign font for personal expenses or when an employee finds a way to use company money for their own bank account that is considered as investment and is punishable under the law.
Another white collar crime is the crime of extortion. Cheer when a person causes another person or an institution into giving up their money, their property, or services for no money or nothing in return, it is considered as extortion.
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The first great thing that you can do is to make sure that you have a good guide when it comes to dealing with legalities. After all, you are fighting for your freedom and your life.
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The article that you have read is based on general applications of the law. It is not legal advice and it is not to be construed as any legal consultation with the firm. No client-attorney relationship is created when you read the articles we have provided.
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