White Collar Crimes in Texas: A Basic Overview

December 1st, 2017 by Tad Nelson in White Collar Crime

Even though there’s some debate regarding the nature of white collar crimes, the general consensus is that these crimes refer to a range of non-violent crimes that are typically committed with the aim of improving one’s financial situation.

Examples of white collar crimes

  • Healthcare fraud
  • Insider trading
  • Antitrust violations
  • Credit card fraud
  • Computer/internet fraud
  • Bankruptcy fraud
  • Embezzlement
  • Tax evasion
  • Public corruption
  • Economic espionage/trade secret theft
  • Environmental law violations
  • Counterfeiting
  • Financial institution fraud
  • Insurance fraud
  • Kickbacks
  • Mail fraud
  • Phone/telemarketer fraud
  • Government fraud
  • Intellectual property theft or piracy
  • Money laundering


Offenders convicted of a white collar crime can face fines, forfeitures, home detention, restitution, paying for costs related to prosecution, home detention, supervised release, imprisonment, and/or community confinement. Prison sentences are longer in cities like Houston, Galveston and League City in Texas if the victim of the crime suffered severe financial harm. A criminal defense attorney may help reduce the defendant’s sanctions by having them assume responsibilities for his or her crime and helps authorities to investigate. Texas’ Criminal Justice Division enforces white-collar crimes at the state level.

Fraud

A large percentage of white-collar offenses involve fraud, which has he offender deceiving someone else for his or her financial gain. One example of securities fraud is securities fraud – an umbrella term that covers a variety of crimes like insider trading. This refers to an individual with inside information on a public company’s reports or activities uses their information to trade. Another example of securities fraud can be the misstatement of corporate finances, prospects, or viability.

Another common type of fraud is mortgage fraud or insurance fraud is another common type of white-collar crime. So if I say my home was broken into and that many valuables in his home were stolen so I can collect the insurance money, that’s an example of insurance fraud. Similarly, lying about your health on a life insurance application is another example of insurance fraud.

Embezzlement

Embezzlement involves taking money from a person or business. So if an employee directs money to their personal account, they’re embezzling funds from their employer. Embezzlement also happens when a lawyer improperly accesses clients’ funds, or when an investment adviser accesses clients’ money for personal gain.

Tax Evasion

This is when when an offender tries to avoid paying taxes they owe. This might occur when they provide false information on tax forms or illegally transfer of property to avoid paying taxes.

Money Laundering

Money laundering involves cleaning dirty or illegally-gotten money to transform them into legitimate and clean funds. This is often accomplished by combining the illegal funds with the revenue from a separate, “clean” business that acts as a front for the white collar crime.

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