Ohio residents have a responsibility to conduct their business with integrity and honesty. When a person commits a crime to make some extra cash, they may be charged with a white collar crime. The type of crime they are charged with will depend on the type of fraud committed and the amount of money wrongfully obtained.
Some of the most common white collar crimes include fraud, embezzlement, tax evasion and money laundering. Each of these crimes has its own specific elements that prosecutors will need to establish in court for the defendant to be found guilty.
There are many types of fraud, including securities fraud, insurance fraud and fraud involving Ponzi schemes and other scams. Generally, all forms of fraud involve the intent to deceive others for financial benefits. Securities fraud may involve insider trading, where someone from within a company who has access to non-public information about the company uses that confidential information to buy or sell company stock.
Securities fraud may also occur when someone gives false information to an investor about the status of the company to get the investor to invest. Insurance fraud can range from lying on an application for insurance policy to an insurance company’s attempt to defraud customers.
Embezzlement often involves a businessperson misappropriating funds (e.g., putting company money into their personal account. Money laundering involves someone attempting to make illegally obtained money look legal through a serious of transactions.
Another common white collar crime is tax evasion, or attempting to avoid paying taxes they owe by purposely filling out their tax forms incorrectly or illegally hiding assets or transferring property. No matter what the charges are, any white collar crime conviction can be severe and result in jail time and substantive fines.