When a crime is called “white collar” it is generally understood to mean a non-violent crime committed by business professionals or members of government. These are usually crimes against a business, that business’ interests, a bank or the government itself. These aren’t to be confused with crimes of opportunity, which usually take place on the job by lower level workers. Though not a complete list, fraud is one of the most common white-collar crimes and can be perpetrated in many forms.
Bank Fraud and money laundering are of particular concern to the banking industry. Money laundering is the act of attempting to cover the original source of income by either completely obscuring the source or filtering the money through a legitimate business, sometimes called a front. In the United States there are programs in place for banks to collect required personal data, report transactions that are over a particular amount and any activity that is out of the ordinary to help and prevent these crimes. Also related to Bank fraud Credit Card fraud is quite common. It is related as banks back credit cards. Credit card fraud is simply the unauthorized use of a credit card.
Insider trading and Securities fraud are huge concerns and are the main reason governmental departments like the US Securities and Exchange Commission (SEC) exist. Insider trading is the act of acting on confidential knowledge by an employee or someone associated with an employee, to gain wealth or avoid losses in by trading that company’s publicly traded stock. Securities fraud is the manipulation of stock prices, by brokers, for investors gain.
Other types of fraud are Health Care and Insurance and Telemarketing fraud. Insurance fraud is the attempt to or act of deceiving an insurance company into paying higher than charged claims. Health care fraud is similar, with the exception that the health care professional is unlicensed and is attempting to gain finds from either the patient or the insurance company. Telemarketing fraud is committed by opening a temporary bank of phones and “cold” calling the general public. The scheme usually involves asking for donations for a charity or social organization. These donations are obtained by credit card, and the proceeds never reach the charity, or the organization never existed.
About The Author
Steve Raiser, is a founding partner at long island criminal lawyers who specializes in providing high quality criminal defense to those who need it.