A Prominent Criminal Defense Firm Serving Dallas, Fort Worth and North Texas

What are white collar crimes?

On Behalf of | Mar 27, 2020 | Criminal Defense

White collar crimes include a variety of crimes committed in order to receive financial gains. These crimes are non-violent, according to the FBI. The FBI classifies the crimes as those that are in violation of trust or that involve some kind of deceit. There does not have to be any threats or violence involved.

The biggest misconception about white collar crime is that there are no victims. While not violent crimes, there are victims. Scammers can destroy companies, families and cost investors a lot of money. The following are the highest priority white collar crimes.

Self-dealing by company insiders

Self-dealing may not seem like such a big deal to some corporate insiders. This is when you trade based on material information. In addition, you may be guilty of self-dealing if you misuse property that belongs to your company for personal gain.

Fraud involving mutual hedge funds

Fraud often involves late trading, falsification of asset values and other market timing schemes.

Falsification of financial documents and information

Falsification includes misrepresentation, false accounting entries and fraudulent trades. If your business deals in trade and you hide the losses or inflate your profits, this is fraudulent activity. Likewise, if you conduct illicit transactions to evade oversight, this is an example of falsification. You cannot falsify your financial records.

When it comes to white collar crime, the majority of cases involve accounting schemes. The point is to deceive auditors, analysts and investors. Financial gain is the main goal behind white collar crime. The FBI works closely with other law enforcement agencies to reveal white collar and other financial crimes.