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Posted on July 11, 2016 in Crime

White-Collar Crimes in Arizona Explained

The phrase “white-collar crime” refers to many nonviolent crimes, usually perpetrated for financial gain. This type of crime is most common in the business and financial worlds and may harm the economy and defraud companies, their clients, and their partners.

Types of Arizona White-Collar Crimes

Arizona white-collar crime comes in many forms. Essentially, any illegal activity done for business or professional gain is a white-collar crime, but the term is usually reserved for individuals who commit crimes at their workplaces. Some major types include:

Fraud

There are a variety of types of fraud, but the basic definition is falsifying information or using deceptive means for personal gain. Fraud can include:

  • Bank fraud – which is any activity meant to deceive a bank and obtain funds illegally
  • Computer fraud – which is hacking or accessing a system to which you do not have legal access
  • Credit card fraud – which is using someone else’s credit card without his or her consent or knowledge or applying for a credit card in someone else’s name
  • Welfare fraud – which is illegally obtaining public assistance benefits from the government
  • Insurance fraud – which is any falsification of an insurance claim or any actions meant to enable one to obtain insurance claim funds illegally

Bribery

Bribery is when an individual offers money under the table to another party for some type of gain. For example, a business manager attempts to pay an inspector for overlooking workplace hazards.

Extortion

Extortion is when someone threatens to harm another person physically or to damage another’s reputation in exchange for personal gain.

Counterfeiting

Counterfeiting is when someone illegally reproduces protected property, such as copyrighted materials or currency, and sells the reproduction as if it were the original.

Embezzlement

Embezzlement describes any situation in which an employee steals from his or her company for personal gain. Taking money from a company expense account and pocketing it for personal use is a good example.

Insider Trading

Insider trading is when one trades stocks using knowledge that isn’t public. Stock transactions are heavily monitored, and employees of companies with publicly traded stock are legally prohibited from making stock purchasing decisions based on insider knowledge. Doing so is essentially rigging the system and taking advantage of other investors outside the company.

Kickbacks

Kickbacks are transactions involving a portion of the sale price going back to the person who facilitates the sale. People pay kickbacks to encourage steady or repeat business.

Scams

Investment scams are when someone tricks anyone into investing money when there is no possibility for a return on the investment.

Money Laundering

Money laundering is the act of transferring illegally obtained money through a legitimate business to make the money untraceable. Some illegal operations set up legal businesses to act as fronts for their criminal activity and run the money earned from that criminal activity through the enterprise to hide it.

Tax Evasion

Tax evasion is refusing or failing to pay taxes. Tax evasion also includes fraudulently filling out tax forms to avoid paying taxes.

Arizona white-collar crimes may be nonviolent in nature, but that doesn’t mean they aren’t harmful. The illegal actions of a single employee for personal gain can have damaging consequences for an otherwise legitimate company, forever tarnishing its reputation or destroying relationships between the business and clients or partners. White-collar crimes inhibit good commerce and negatively affect the economy.

Contact a Federal Crimes Attorney

If you’re facing charges of white-collar crime in Arizona, you need to know your rights and have a reliable Phoenix federal crimes attorney in your corner. Craig Orent is one of the country’s top defense lawyers and aggressively defends the rights of all our clients, regardless of the severity of charges against them. Contact Orent Law Offices for a free case evaluation today.