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- posted: Oct. 06, 2023
- Criminal Defense
The term “white collar crime” refers to a broad range of criminal activity that is usually founded upon fraud or other deception for financial gain. White collar crimes do not entail the use of violence, physical force, threats or intimidation. Most of these crimes occur in a business or governmental setting. White collar crime is very costly. Direct economic losses in the U.S. are approximately $300 billion per year.
The most common types of white collar crimes include several types of fraud:
- Private sector fraud — The latest data indicates that fraud in the private sector is the most prevalent type of white collar crime committed in the U.S. Fraud is generally defined as intentionally making false statements of fact or concealing information for financial gain. There are many kinds of private sector frauds that affect both individuals and organizations. For instance, some companies defraud their employees by under-reporting their hours worked, thus shorting employee paychecks. Companies also defraud participants in the securities markets by falsifying financial reports to make the company’s performance look better than it is. Individuals defraud companies by embezzling company funds, filing false insurance claims, etc. Private sector fraud currently accounts for approximately 32 percent of all white-collar prosecutions.
- Federal program fraud — Each year, the U.S. government spends hundreds of billions of dollars on a wide variety of benefit programs and grants. The vast sums of money involved make federal programs a target for fraud. In addition, many of these federal operations are poorly managed and are notorious for having insufficient oversight. For instance, the Medicare and Medicaid health programs are continually overbilled by unscrupulous healthcare providers. In some cases, the federal government pays for services that were never rendered. The Covid-19 economic relief effort was also an example of a program where fraud was prevalent. The U.S. government paid out tens of billions of dollars on false claims. With nearly 17 percent of prosecutions involving federal programs, fraud remains a significant national problem.
- Financial institution fraud — Nearly 13 percent of white-collar crime prosecutions are for financial institution fraud. Individuals defraud banks, lenders and other financial organizations. Companies lose hundreds of millions of dollars because of identity theft, credit card theft and the like.
Prosecutions for white-collar crimes may fall to either state or federal authorities. The nature of the crime determines how the case is prosecuted. In rare instances, the accused will be charged under both federal and state laws.
From its offices in Boulder, the Polansky Law Firm represents clients throughout the city and the surrounding counties. If you have been charged with or are under investigation for a white collar crime, feel free to contact us online or call 303-415-2583 for an initial consultation.
