Fraud, embezzlement, money laundering, and tax evasion are commonly considered white collar crimes. Although typically considered less severe than violent crimes, white collar crime and related financial crimes can have drastic negative impacts on the affected victims.
Florida’s prosecutorial system takes white collar crime seriously, and a conviction can completely upend your personal life and professional reputation. If you are currently facing charges for financial crimes, a Miami white collar defense lawyer can help you explore your legal options.
White Collar Crimes Definition
White collar crime is a general term that refers to crimes that individuals in professional or business roles perform. The term generally denotes crimes of a financial nature that are accomplished through some manner of deceit or misrepresentation. The term “white collar” is a reference to the white collar of a typical office worker’s shirt, in contrast to the “blue collar” of a manual laborer.
White collar crimes can be distinguished from violent crimes in that the latter are accomplished through the use of physical force or coercion. In many cases, white collar crimes are committed through the course of a person’s job that gives them access to sensitive financial and personal information.
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Examples of White Collar Crimes in Florida
Florida has one of the highest rates of white collar crime in the nation, largely due to its complex financial industries, high elderly population, and fragmented regulatory landscape. Below are some of the common offenses considered white collar crimes:
Fraud
Fraud is a general term for using deception to acquire property or services. More specifically, Florida Statutes 817.035 defines fraud as a systematic and intentional conduct meant to obtain property through false pretenses or willful misrepresentations.
Fraud includes several types of criminal behavior, like credit card theft, wire fraud, and mail fraud. Any attempt to gain money or service through deceit or falsehoods counts as fraud for criminal purposes.
Identity Theft
Identity theft is a specific type of fraud that involves misrepresenting yourself as someone else to obtain money or services. For example, using someone’s social security number to apply for public assistance or open a credit card without their knowledge would constitute identity theft.
Criminals use several strategies to steal personal information for the purposes of identity theft, like phishing schemes, mail theft, hacking, and computer viruses.
Embezzlement
Embezzlement is a criminal act where someone who is in a trusted position—e.g., fiduciary, corporate officer, etc.— illicitly appropriates funds for personal use. For example, a financial advisor moving their client’s funds into their own personal account without permission would count as embezzlement.
Embezzlement is treated as a type of theft under Florida law and is subject to the same criminal penalties. Penalties for theft are based on the amount of the stolen property or services.
Money Laundering
Money laundering is the process of concealing illegally obtained money by “washing” it through legitimate business transactions. For example, reporting illegally-obtained cash as legitimate revenue from a cash-heavy business is a type of money laundering. Using illegally obtained money to buy appreciating assets, like art or real estate, is another common form of money laundering.
Tax Evasion
Tax evasion is the criminal act of intentionally hiding or not reporting income for the purposes of avoiding taxes. A common form of tax evasion would be a business failing to report income received for services rendered. Note that tax evasion is illegal and different from tax avoidance, which is using legal means to reduce the amount of taxes you owe.
Bribery
Bribery is defined as intentionally offering, promising, or accepting money to influence a person’s decisions in a public or private professional capacity. A simple example of bribery would be a business paying a public official in exchange for receiving a government contract for work.
Securities Fraud
Securities fraud is a specific type of fraud that involves using deceit or misrepresentation to secure funds for investment. Insider trading is an example of securities fraud in which an insider uses information that is not publicly available to buy or sell stock. Public companies can also be guilty of securities fraud if they lie or misrepresent financial figures to investors.
Penalties for White Collar Crime
Punishments for white collar crimes typically depend on the value of the fraudulently acquired property or the degree of sophistication and organization behind the crime. For example, fraud of amounts over $50,000 is charged as a first-degree felony that can carry up to 30 years in prison.
Punishment for white collar crime can also depend on the identity of the victim. For example, fraud and abuse against seniors or disabled people is an aggravated charge and can carry harsher sentencing, regardless of the amount stolen.
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White Collar Crime Can Receive Federal Charges
White collar crimes that exhibit a high degree of sophistication or money that crosses state lines may fall under federal jurisdiction and result in federal criminal charges. Federal crimes generally carry harsher punishments than their state-level equivalents. Federal investigatory agencies also have access to substantially more resources than local agencies, so investigations are more thorough and expansive.
The US practices dual sovereignty, so it’s possible to face both state and federal charges for the same criminal offense. This may be the case with white collar crimes that victimize people in several states or that involve large sums of money and criminal organization.
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DMR Law: Attorney for White Collar Crime
Do you have more questions about what is considered a white collar crime? Contact our offices online or call today to schedule a case consultation with a white collar defense lawyer in Miami.
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