The term ‘white collar crime’ is typically used to describe crimes that are nonviolent and are committed by professionals, primarily for financial gain. These types of crimes are often investigated by the Securities and Exchange Commission (SEC), the National Association of Securities Dealers (NASD), and the Federal Bureau of Investigation (FBI). In Maryland, there are a number of scenarios that can fall under white collar crime on both a federal and state level.
White collar crimes are complex and can result in severe penalties. It is important to retain an experienced Maryland criminal defense attorney if you or a loved one has been charged with a financial white collar crime.
Types of White Collar Crime
Fraud is one of the most common types of white collar crime. This can involve lying or failing to disclose material facts to help the person get money from the intended victim. Insurance and mortgage fraud are common examples. Because these crimes can be severe, most are classified as felonies.
You have likely heard of insider trading, which is also considered a white collar crime. When someone uses information about a company that is not available to the general public to make financial trades, it is considered insider trading.
Employees can find themselves facing criminal charges if they embezzle money from their employer. Embezzlement can involve a person physically stealing money for his or her own benefit, but it also is when an investment broker misappropriates clients’ investment funds.
Tax evasion is another common type of white collar crime. If you purposely enter false or misleading details on your tax return, it is a crime. If you transfer property to another person or company to avoid paying taxes, it can be fraud and tax evasion, as well.
Money laundering is something you often think about associated with drug cartels and gangs, but it is defined as taking any money that was illegally acquired and hiding the origin of the funds through a number of legitimate financial transactions.
Other financial crimes that can be considered white collar crimes include consumer fraud, internet fraud, credit card fraud, and forging a check.
Charged with a White Collar Crime? Retain a Maryland Criminal Defense Attorney
If you or a loved one has been charged with a white collar criminal offense, retaining a skilled Maryland criminal lawyer is imperative. Depending on the charges, these can be complex cases and involve a number of state and federal laws, each carrying different possible sentences. You need an attorney who understands how these types of claims work and is familiar with the nuances of the various government regulations, tax laws, corporate laws, and more. The Law Office of Robert R. Castro represents clients charged with a variety of criminal offenses, including non-violent financial crimes. Contact our office for a consultation.
In the event you have not been charged but feel you have engaged in an activity that might be criminal, stop immediately and contact an attorney. In some instances, those investigated for a potential crime may not even realize their actions were against the law. There are other scenarios in which someone was forced to go along with a superior’s actions that could still result in criminal charges for participation in the illegal act.
This article has been provided by Law Office of Robert Castro. For more information or questions contact our office to speak to an experienced lawyer at (301)870-1200.