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White-Collar Crimes for Which You Need an Attorney

Brian J Smith May 11, 2015

There are more than a dozen types of white-collar crimes, but some of them occur more than others or are of higher priority to the authorities. Find out more about what some of these common crimes involve.

3 Common Types of White-Collar Crimes

The term “white-collar crime” encompasses a range of crimes, from securities fraud and money laundering to tax evasion and Ponzi schemes. These crimes involve motivating or deceiving the victims, whether they are families, investors or companies, through lying, stealing or cheating. Fraud schemes have become very sophisticated as years have passed, and just one scam could cause a ripple of financial destruction for the victims. With authorities cracking down on fraud and scams, someone accused of such a crime may need a Las Vegas criminal defense attorney.

Corporate Fraud

One of the highest priorities for the FBI is corporate fraud, and it is the lead agency that investigates this type of white-collar crime. Many corporate fraud cases involve accounting schemes that trick analysts, auditors and investors about the real financial situation of businesses. This might be achieved by manipulating financial data, share prices and other measures that value businesses as well as falsifying financial information in some other form. Self-dealing by corporate insiders is also considered corporate fraud and includes insider trading, kickbacks and individual tax violations associated with the crime. Furthermore, corporate fraud encompasses obstruction of justice, which involves the concealment of accounting schemes and self-dealing.

Identity Theft

People commit identity theft when they unlawfully obtain other individuals’ personal details and use them to commit fraud or theft. Some of these personal details could include names, addresses, Social Security numbers, Medicare numbers, passport numbers and financial accounts. It’s tough to assess the number of identity theft victims and their total losses because law enforcement agencies across the country categorize it differently. This is compounded when the crimes also involve Internet fraud, mail theft or credit card fraud. Any of these personal credentials could be obtained through phishing emails, websites, network intrusions and burglaries.

Insurance Fraud

Insurance fraud can take on many forms but always involves insurance providers as the victims or perpetrators. Fee churning is a scam that involves intermediaries and brokers taking commissions from reinsurance deals. Premium diversion scams involve embezzlement of insurance premiums. For example, an insurance agent may not remit premiums to the underwriter and keep them for personal gain. Staged car accidents are also common and involve the perpetrators maneuvering unsuspecting drivers into crashes to obtain compensation through illegal claims of fake injuries.