White-collar crimes can cause financial damage to an entity
If you’re an entrepreneur, businessman or government official in Florida, skipping a few corners may look inviting to get ahead financially. Unfortunately, if this process involves taking illegal actions, you risk getting accused of committing a white-collar crime. Embezzlement and money laundering are common white-collar crimes that get committed.
White-collar crimes are common in US businesses
The statistics for white-collar crime may be higher than you would expect. Examining the results below shows how prevalent white-collar crime has become in US businesses:
- For every 100,000 people in the United States, 5000 white-collar crime-related arrests are completed.
- Over 35 percent of US businesses are affected by white-collar crime.
Interestingly, 90 percent of these crimes are committed by males and over half are committed by individuals between 41 and 60 years old.
Embezzlement is a common form of white-collar crime. It involves siphoning off money or property from an employer or government agency where you hold a significant position. Examples might include funneling company money into your bank account or misusing campaign funds for personal expenses. However, nonprofit organizations are most at risk with at least 16 percent of major embezzlement occurring with this entity.
Money laundering is another common white-collar crime. It’s performed by making illegal sources of income appear to come from legitimate sources. This action allows the person committing the crime to evade taxes and avoid law enforcement.
Effect of white-collar crimes
While white-collar crimes can be less harsh than violent crimes, their adverse effects can still be devastating. Businesses may file bankruptcy or several individuals might lose their hard-earned money due to these crimes being committed.
Understanding white-collar crime and the types of crimes involved can make you more informed about this category of illegal acts.