Understanding White Collar Crimes
A white collar crime is usually classified as a crime carried out by people in order to gain a profit.
This crime more often than not involves people of a well to do status who gain monetarily through illegal means.
Traditionally, this name came about because it was believed that these kinds of crimes were committed by business and other working people who were the kinds of people who wore white shirts and ties.
In the modern day, however, white collar crimes can be carried out by any kind of person.
Types of White Collar Crimes White Collar Crimes often fall somewhere among the following categories.
However, others like forgery, identity theft, tax evasion are also very common types • Bribery: This involves one party offering money, a gift or some other incentive to the other party in order to gain something from them.
Bribery occurs when the other party is in some kind of powerful position and has the ability to make some decision that the first party can gain from.
• Fraud: Making someone believe in wrong facts by misrepresenting the facts and making them invest money based on this belief amounts to fraud.
• Internet Fraud: This type of fraud has become very common over the past few years.
Internet Fraud deals with any illegal activity that is carried out online.
This includes obtaining of passwords and bank information illegally, hassling people online and even phishing emails sent to people.
• Embezzlement of Money: This occurs when a party to a transaction keeps a part of the money for themselves illegally.
• Insider trading: Insider trading deals with trading of stocks and shares.
If a person buys or sells their shares based on information that is not open to the public, it amounts to Insider trading.
For example, if you work in a company and give confidential information to your sister about the shares of the company and she purchases them, both of you can be held for Insider trading.
• Laundering of Money: This is very similar to embezzlement but it takes places through a business enterprise that is outwardly legitimate.
Punishment for White Collar Crimes White collar crimes usually fall under the jurisdiction of the state.
But in a number of cases, they are subject to multiple state jurisdictions and they are then prosecuted at a federal level.
The punishment for this crime could range from a fine to community service or in some cases, a prison term.
This crime more often than not involves people of a well to do status who gain monetarily through illegal means.
Traditionally, this name came about because it was believed that these kinds of crimes were committed by business and other working people who were the kinds of people who wore white shirts and ties.
In the modern day, however, white collar crimes can be carried out by any kind of person.
Types of White Collar Crimes White Collar Crimes often fall somewhere among the following categories.
However, others like forgery, identity theft, tax evasion are also very common types • Bribery: This involves one party offering money, a gift or some other incentive to the other party in order to gain something from them.
Bribery occurs when the other party is in some kind of powerful position and has the ability to make some decision that the first party can gain from.
• Fraud: Making someone believe in wrong facts by misrepresenting the facts and making them invest money based on this belief amounts to fraud.
• Internet Fraud: This type of fraud has become very common over the past few years.
Internet Fraud deals with any illegal activity that is carried out online.
This includes obtaining of passwords and bank information illegally, hassling people online and even phishing emails sent to people.
• Embezzlement of Money: This occurs when a party to a transaction keeps a part of the money for themselves illegally.
• Insider trading: Insider trading deals with trading of stocks and shares.
If a person buys or sells their shares based on information that is not open to the public, it amounts to Insider trading.
For example, if you work in a company and give confidential information to your sister about the shares of the company and she purchases them, both of you can be held for Insider trading.
• Laundering of Money: This is very similar to embezzlement but it takes places through a business enterprise that is outwardly legitimate.
Punishment for White Collar Crimes White collar crimes usually fall under the jurisdiction of the state.
But in a number of cases, they are subject to multiple state jurisdictions and they are then prosecuted at a federal level.
The punishment for this crime could range from a fine to community service or in some cases, a prison term.
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