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3 common types of white collar crimes

| Nov 8, 2021 | White Collar Crimes

When considering serious criminal offenses, it is not uncommon to focus entirely on crimes that have a physical element or involve physical harm. However, there is another category of crime that both the state authorities in Texas and the federal government take very seriously. 

White-collar crimes are typically non-violent offenses whereby individuals who commit them are motivated by financial gain. These offenses are by no means rare in Texas, therefore they warrant further consideration. Outlined below are three common types of white collar crime

Embezzlement

Embezzlement consists of a person who has abused their position of trust to steal money. One common scenario in which this occurs is when a manager has access to safes and funds and takes some of the money for their own personal gain. There is no specific statute for embezzlement in Texas; therefore, it is considered alongside other forms of theft. The severity of sentences for this crime can vary from fines to lengthy prison sentences, depending on the amount of money involved and the duration of the offending behavior. 

Tax evasion 

Tax evasion essentially means not paying taxes that you owe. You may be alleged to have done this either deliberately or inadvertently. For example, Someone may intentionally fail to report their income or misrepresent the true amount with a lower sum. On the other hand, a person could simply make an honest mistake and accidentally declare the wrong amount. Tax evasion is taken seriously and is fairly commonplace in the United States. Some research suggests that unpaid taxes could equate to 75% of the total annual federal budget deficit. 

Money laundering 

Money laundering is considered a serious offense and typically involves the handling or supervision of criminal acts or investing illicitly-obtained money into lawful businesses or clean money into criminal enterprises. Again, the potential sentences for this offense can vary, with harsher penalties being applied to crimes that involve higher sums of money and went on for a significant time.

Recognizing some of the common forms of white collar crime could be in your best interests. If you find yourself facing criminal charges in Texas, there are laws in place to protect your legal rights