When it comes to white collar crimes, some cases are so egregious that they remain in the public's mind. Typically, these notable cases made national headlines or cost so many millions of dollars that they can't be easily forgotten.
White collar crimes may not seem like they hurt anyone, but even though they're not violent, they can be devastating. In white collar crimes, individuals may steal money from others, hurting their financial outlook for many years to come, if not for the rest of their lives. Sadly, many people who are victimized by white collar crimes do not recover.
White collar crimes are aptly named, as they're generally committed by people who do not do manual labor. These individuals, who could wear white-collared shirts without risking getting them dirty, often work with finances and may be chief executive officers (CEOs) or business executives.
There are a number of myths about white collar crimes that have to be straightened out. These myths hurt people in many ways predominantly because they create unrealistic expectations.
A white collar crime is one that doesn't necessarily have a violent or physical nature. However, a white collar crime can still result in serious federal penalties. Did you know that penalties for federal crimes generally start with at least a year in prison upon conviction? For cases of fraud, insider trading and embezzlement, you could face decades behind bars.
An interesting type of white collar crime recognized by the government is trade fraud. This kind of fraud is an up-and-coming scheme, particularly with an increase in imports into the United States.
An accused person could face either state or federal charges when it comes to criminal allegations. In most situations, criminal allegations will fall under the jurisdiction of the state court wherever the crime occurred. However, in other cases, the federal court system will claim jurisdiction over trying and deciding the matter.