Many people envision violent acts when they think about crime, but this ignores the reality of many criminal enterprises. White collar crime is a variety of illegal activity that is not violent in nature, but can easily destroy lives.
Generally, entities commit white-collar crime in the pursuit of financial gain and is usually found in the commercial or business sector. According to FindLaw, varieties of white collar crime include tax evasion, fraud, and embezzlement.
Who can commit a white collar crime?
It is possible for either individual persons or entire corporations to be guilty of white collar crime. There are laws that protect against white collar crime at both the state level and the federal level. An example of a very famous white collar crime is the original Ponzi scheme. In fact, Charles Ponzi’s scheme was so well-known and infamous that copycat attempts at his pyramid scheme bear his name to this day.
Charles Ponzi’s scheme was a variety of fraud. Generally, fraud involves tricking somebody out of their money in order to benefit financially.
What other kinds of white collar crime are there?
Embezzlement is stealing money from an entity to which you owe duty. Most commonly, it is an employee taking money or other benefits from an employer and using it for personal purposes. However, embezzlement may take a variety of forms, including a lawyer using client funds improperly.
Tax evasion is also a very common form of white collar crime. Essentially, this involves trying to not pay taxes. Tax evasion can be as simple as simply not filling out your tax forms correctly and as complex as moving money internationally to avoid tax.