White collar crime doesn’t just boil down to a murder mystery involving a suit. Rather, white collar crime is non-violent and refers to financial crimes such as fraud, bribery, embezzlement and money laundering, that are committed by businesses and governments.
What Does White Collar Crime Law Involve?
Lawyers who specialize in white-collar crime will see themselves defending clients through an investigation, including civil and criminal litigation. Clients typically range from large corporations and banks, to individuals prominent in business and politics.
Lawyers will need to be in-the-know about regulations affecting these types of organizations, as well as having a vast and in-depth knowledge surrounding the business operations of their clients. Only then can they come up with strategies and resolutions.
Lawyers in this area can offer their clients top-notch legal advice on how to comply with complex governmental legislation and with investigations carried out by enforcement agencies. Lawyers will assist the client in resolving critical concerns, which can include disclosing potentially jeopardizing findings or waiving privileges. Obviously, the main aim is always to resolve issues before charges are brought and to avoid future liability.
Break It Down For Me A Little Bit…
White collar crime is the term associated with a range of different crimes.
Fraud boils down to deceiving someone for monetary gain. A common type of white-collar fraud is securities fraud, which comes in all shapes and sizes. However, ‘insider trading’ is where someone with a nugget of confidential inside knowledge about a company (such as upcoming earnings) trades on that information. Therefore, if an earnings report is set to hurt the company and an executive sells their stocks before this is made public, this would be securities fraud. Another type of white-collar fraud is where someone or a company gains money based on knowingly false information, such as prospects or finances.
Embezzlement is where money is improperly taken from someone whom you owe some type of duty. For example, lawyers who improperly use client funds can be guilty of embezzlement.
Tax evasion is also a common white-collar crime. This one does exactly what it says on the tin and involves an individual or company evading taxes. They could transfer properties in order to avoid tax, or they could knowingly provide false information to the taxman.
Finally, money laundering is the means of filtering illegally obtained money through transactions to make it appear legitimate. Just think about Walter White’s car wash, where he funnels illegal drug money through his bonnet and windscreen shining side-business.