White-collar crimes get their classification from the fact they’re non-violent and financial in nature, and typically committed by professionals in a variety of fields. Banks, healthcare organizations, and even governments are vulnerable to white-collar crimes that result in the loss of money through fraud, money laundering, and overall corruption. There are a number of reasons why someone would involve themselves in this type of activity, but the motivating factor is almost always money.
If you’ve found yourself engaging in this type of crime, you’re going to need the top white-collar crime attorney in Philadelphia to help you defend yourself and improve your chances of a good outcome. In the meantime, here’s a look at commonly committed white-collar crimes and their defining actions.
Fraud
Fraud comes in many forms, but the mechanism and goal of any type of fraud is to take money under the guise of a legitimate purpose from a trusted source, and then steal or use the money for other purposes. There’s typically an element of a promise to return on the investment that never really materializes. Ponzi schemes are the simplest form of fraud, but other types of fraud include:
- Corporate fraud
- Debt elimination schemes
- High-yield investment promises
- Identity theft
- Fictitious banking
Embezzlement
Embezzlement is a type of financial crime that’s committed against an employer. One or more employees engage in the act of diverting or misappropriating funds that belong to the business and covering up the act by altering the books. Those engaging in this type of theft typically start out by taking small amounts that may not be noticed and hiding the money until they can remove it from the premises through physical or electronic means.
Money Laundering
Money laundering is the act of taking “dirty” money and moving it through a legitimate business to “clean” up the funds. For example, dirty money is run through the register of a business that looks to be operating according to the law. The money that’s been earned through illegal activities is then rung up as sales made by the business, then placed into bank accounts. Taxes are typically paid on the laundered money to help make the money look like it was earned legitimately.
Insider Trading
Insider trading is the act of using knowledge to affect the share price and/or company valuation before the information is made public. It’s considered to be unfair to the public as it results in the artificial inflation of the true value of the company. Insiders can use their knowledge to inflate the price of the stock, sell their shares, and cause the shareholders to lose money that may never be recovered.
Intellectual Property Theft
Intellectual property (IP) theft consists of stealing ideas, creative works, trade secrets, and ideas that were developed by an individual or corporation. Those who participate in this type of crime are usually employees who have access to the IP. Most of the time, IP theft consists of selling the work to the highest bidder as opposed to outright infringement.
Call the Brennan Law Offices Today for a Defense Against Charges of White-Collar Crimes
If you’ve found yourself charged with a white-collar crime, you’re entitled to defend yourself and protect your reputation. Contact us at the Brennan Law Offices for a consultation and learn more about why we’re the top criminal lawyers in Philadelphia. We only practice criminal law, and we’re fully invested in protecting your rights while providing you with the best legal representation possible.
At Brennan Law, we pride ourselves on taking care of our clients and making sure they know what’s going on with their case. We discuss the full implications of your case, provide you with regular updates, and use our skills to deliver a strong and aggressive defense on your behalf.