White-collar crimes are often associated with high-profile businessmen or women. The upper class of people usually commits these crimes. Visit this page to see if someone has an arrest record. The name is derived from‘ blue collar’ and ‘white-collar,’ which differentiate the lower or middle class from the upper class.
In a nutshell, a white-collar crime is nothing but a professional committing a crime for some reason. If you or someone you know might need a skilled law professional to defend your case, contacting a Galveston criminal defense lawyer would be in your best interest.
Types of White-Collar Crimes:
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Tax evasion
While these high-profile people might earn a decent amount of income, some of them commit tax fraud or tax evasion. To give you more clarity, when someone earns significantly, they have to pay certain taxes for their earnings irrespective of the amount. By evading or avoiding to pay taxes, the profit amount or the number of earnings rises.
The tax does differ as the income goes higher. To avoid paying more in taxes, money could be laundered or hidden by the government. The money saved from taxes is either miscellaneous or not indicated as part of the earning.
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Bank fraud
Bank fraud is yet another white-collar crime. The fraud is executed by assuring pretenses, information, or assets to lure the bank authorities or a financial institution into giving a loan. Noteworthy, the loan amount is often immense.
White-collar people intend to get the loan approved without a word on paying it back. It is a fraud since fraudulent or illegal means were involved in gaining a financial edge with the intent of not paying back.
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Larceny
You may have witnessed some of the cases involving theft. Larceny is defined as obtaining someone else’s assets or legal properties by transferring those under their assets. The robbery of taking legal assets is often associated with fraudulent means.
Larceny is similar to stealing, but it involves significant assets. The other person is mainly kept unaware of it until the assets have been stolen with the intent of possessing or selling off to make money.
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Conspiracy
As per the law, it is considered a conspiracy if you helped someone commit a crime or disobey a rule. Conspiracy cases mainly involve drug peddling, racketeering, trafficking, etc. Criminal law defines conspiracy as two or more persons committing a crime simultaneously, sometimes, repeatedly.
Money laundering or healthcare fraud could be a conspiracy too. These cases have severe consequences like the death penalty, millions of fines, and, of course, lifetime imprisonment.
