White-Collar Crimes: Navigating Complex Cases of Fraud and Embezzlement
If you are an unrelenting optimist, then if you get accused of a financial crime, you might look on the bright side by saying that at least you are not facing charges for a violent crime or a sex offense since those crimes are more likely to make a jury think the worst of you as soon as they hear what the charges are. Financial crime cases can have serious consequences; some people are currently serving decades-long prison sentences for crimes such as wire fraud or money laundering. If you get accused of a financial crime, you have the same rights as any defendant in a criminal case. These include the right to a fair trial and the right to representation by a criminal defense lawyer. A Whittier criminal law attorney can help you if you are being accused of a financial crime in state or federal court.
Types of White-Collar Crime
There is no formal definition of white-collar crime, but the term generally refers to theft or illegal use of money or monetary instruments, usually in a business context. In other words, it causes the targets of the crime to suffer financial losses but not to sustain physical injuries. Crimes where the defendant is accused of causing someone to suffer financial losses because of the theft or destruction of the person’s property are not considered white-collar crimes. Thus, the category of white-collar crime does not include vandalism, robbery, or burglary, to name just a few examples.
These are some examples of financial crimes:
- Fraud – knowingly making false or misleading statements in order to persuade someone to pay you money
- Wire fraud – fraud involving wire transfers of money, electronic payments, or electronic communication devices such as telephones or computers
- Mail fraud – fraud involving documents sent through the mail
- Forgery- creating fake documents for the purpose of obtaining money or presenting documents that you know are fake with the intent of persuading the recipient that they are genuine
- Counterfeiting – forgery of currency or banknotes
- Embezzlement – stealing money from your employer or making unauthorized transactions from your employer’s business account
- Identity theft – using someone’s identifying details such as name, address, birth date, or Social Security number or financial details such as bank account number or credit card number to make transactions without the person’s consent
- Money laundering – falsifying records about the origin of property or funds or otherwise making illegally obtained money or property look like the legal proceeds of a business
- Insider trading – buying or selling publicly traded stocks based on unpublished information
- Tax evasion – making false statements in order to reduce your tax obligations
What Makes Financial Crime Cases Different From Other Criminal Cases?
In financial crime cases, the prosecution must quantify the dollar value of the financial losses the defendant allegedly caused. Therefore, if the defendant pleads guilty or is convicted, the court may order him or her to reimburse the targets of the crime as part of the sentence. This is called restitution. Restitution is not the same as a fine, and in some cases, the courts order both fines and restitution. If you return the money you stole or obtained through fraud early in the criminal process or even before you are formally charged, you are more likely to get a lighter sentence.
Financial crime cases often go through federal courts. This is because the crime often relates to federal laws about taxes, stock trading, or business. Crimes that involve the Internet often go through federal court because the Internet is not specific to one state.
Possible Defenses to Charges of Financial Crime
As with any criminal charge, you can be acquitted of financial crime charges if you can show that there is reasonable doubt about your guilt. It is difficult to disprove that a transaction occurred when there is a record of it on bank statements obtained by the bank. Therefore, your defense strategy might be to show that you acted without criminal content. For example, you might argue that the false information you wrote on a loan application or income tax return was the result of an honest mistake and that you reasonably believed that it was true. You might also argue that you made a transaction from your employer’s business account, but you reasonably believed that your employer had authorized you to make the transaction.
Contact the Law Offices of Omar Gastelum About Financial Crime Cases
A criminal defense attorney can help you defend yourself against financial crime charges. Contact the Law Offices of Omar Gastelum and Associates APLC in Whittier, California, to set up a consultation.
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A Whittier criminal defense lawyer can help you if you are being accused of a financial crime such as fraud, embezzlement, or money laundering.
