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Common white-collar crimes

On Behalf of | Feb 24, 2021 | White Collar Crime

A group or an individual can be involved in white-collar crime. The offenses committed are typically nonviolent money schemes to benefit the person or people involved. White-collar crime in Virginia refers to several areas of nonviolent fraud.

Money laundering

Money laundering involves hiding the origins of large amounts of money made by fraudulent activity to avoid hefty taxes. This commonly occurs by passing the money through several complex transactions that break the cash into smaller deposits, often called structuring.

The transactions are called “laundering” because the person or organization attempts to make the money look legitimate, passing the “clean” money to the scammer. A person might “launder” proceeds through real estate, virtual currency, trade and third-party services.

Embezzlement and counterfeiting

Embezzlement means that a party steals or misappropriates money or assets they were entrusted with for themselves. For example, if an employee sells a product higher than the real cost and pockets the extra, they have committed embezzlement. It differs from larceny because the people often have legal access to the property or cash.

Counterfeiting means to make a copy of something authentic for fraudulent purposes. Most counterfeiting schemes involve printing money without government authorization, but it may include stocks, bonds and consumer products.

Ponzi schemes

Ponzi schemes lure investors by promising them a high return with little or no risk. The name comes from Charles Ponzi, an Italian con artist who made a fortune selling postal reply coupons. However, the modern Ponzi scheme does not always involve physical products like a pyramid scheme. It relies on the funding from new investors to pay the old investors and some to the scammer. However, Ponzi schemes need a constant flow of investors, which eventually fails because only so many can be recruited.

Criminal law in Virginia takes white-collar crimes seriously because the financial repercussions can be significant. If a person has been accused of a white-collar crime, they may want help from an experienced legal representative to fight the charges.

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