White-collar crimes may not seem as serious as certain other types of criminal offenses. They are financial crimes committed by individuals. They do not cause direct bodily harm to others, but they can still do significant harm. Some financial crimes affect people, while others negatively impact companies. Still others do not cause any direct financial harm but still violate state or federal statutes.
Various forms of fraud, like investment fraud or Ponzi schemes, can cause financial harm to businesses or individuals, while embezzlement tends to negatively impact companies. Money laundering would be an example of a crime of that violates statutes without necessarily creating direct negative consequences for any business or individual.
Those accused of white-collar criminal offenses in Ohio risk a variety of penalties in the event of a conviction. Although the exact penalties depend on the charges, there are certain standards that apply in most cases.
A variety of criminal penalties
Both the federal courts and the Ohio criminal courts can impose an assortment of criminal consequences for white-collar criminal convictions. A guilty plea or conviction might lead to jail time or probation. The courts can also impose fines that an individual has to pay in addition to making them responsible for court costs.
Restitution and career consequences
Both the state of Ohio and the federal government will sometimes order individuals to pay restitution to those impacted by white-collar criminal offenses. Victims of fraud who lost their life savings and businesses that uncovered embezzlement can receive repayment for the financial harm caused by that criminal activity.
Restitution orders create financial penalties beyond the fines imposed as part of a criminal sentence. Paying that restitution can be a challenge, as someone convicted of a white-collar criminal offense may struggle to secure well-compensated work. In some cases, an individual may not be able to go back to work in the same profession after a conviction for a white-collar criminal offense. State licensing boards may bar someone from obtaining a license in the future, and the criminal record that follows someone after a conviction may also limit their career opportunities.
Learning more about the possible penalties associated with a guilty plea or conviction means could inspire people to fight back against allegations of financial crimes. Seeking legal guidance is a good way to start.
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