White Collar Crime
White-collar crime is a term encompassing nonviolent criminal offenses involving fraud and illegal financial transactions committed through deceit and motivated by financial gain. The typical white-collar criminal could be an office worker, business or fund manager and those involved in securities, banking, healthcare and the real estate industry.
The term “white-collar crime” was authored by Edwin Sutherland in 1939 during a speech given by to the American Sociological Society. Sutherland defined the term as “crime committed by a person of respectability and high social status in the course of his occupation.
White collar crimes include fraud, embezzlement, tax evasion and money laundering, Ponzi schemes, securities fraud, insider trading, insurance fraud, bank fraud, Bribery, blackmail, counterfeiting, Embezzlement, forgery, and antitrust violations.
White-collar crimes are generally investigated by the FBI, IRS, Securities and Exchange Commission and the National Association of Securities Dealers.
WHITE COLLAR CRIME PENALTIES
|
Crime |
Statute |
Max. Fine |
Max. Penalty |
|
|---|---|---|---|---|
| Wire Fraud | 18 U.S.C. § 1343 | $1,000,000.00 | 20 Years | |
| Mail Fraud | 18 U.S.C. § 1341 | $1,000,000.00 | 20 Years | |
| Bank Fraud | 18 U.S.C. § 1344 | $1,000,000.00 | 30 Years | |
| Counterfeiting | 18 U.S.C. § 471 | Judicial Discretion | 20 Years | |
| Health Care Fraud | 18 U.S.C. § 1347 | Judicial Discretion | 10 Years | |
| Bribery | 18 U.S.C. § 201 | Judicial Discretion | 5 Years | |
| Money Laundering | 18 U.S.C. § 1956 | $500,000.00 | 20 Years | |
| Conspiracy | 18 U.S.C. § 371 | Judicial Discretion | 5 Years | |
| Perjury | 18 U.S.C. § 1622 | Judicial Discretion | 5 Years | |
| Bribery | 18 U.S.C. § 201 | Judicial Discretion | 5 Years | |
| Tax Fraud | 26 U.S.C. § 7201 | $500,000.00 | 5 Years | |
| Racketeering | 18 U.S.C. § 1961 | Judicial Discretion | LIFE | |
| Obstruction of Justice | 18 U.S.C. § 1503 | Judicial Discretion | 5 Years |