White Collar Crimes Explained
December 16, 2019
White Collar Crimes in New Jersey
Criminal charges often get divided into two categories: blue and white collar crimes. This guide will assist you in understanding the differences, as well as what your legal options are after receiving a white collar crime charge.
What is a White Collar Crime?
A white collar crime is considered a professional or corporate crime. White collar crimes are often committed by professionals while working for an organization. This is in comparison to a blue collar crimes, which typically involve a physical injury or damage to property. A white collar crime will often include financial manipulation or theft and embezzlement.
Types of White Collar Crimes
The following crimes might be considered a white collar crime:
- Wage theft
- Ponzi schemes
- Insider trading
- Money laundering
- Identity theft
- Labor racketeering
While each of these crimes does not involve assault or physical harm, they will often leave the victim in a difficult financial situation.
Common White Collar Crimes
You will often hear a lot about white collar crimes, because they are often committed by well-known figures or leaders. These are a few of the most common white collar crimes that you might have heard about in the media:
- Charles Ponzi: Charles Ponzi was charged with the first Ponzi scheme. He tricked and manipulated investors into a business investment that was not really a business investment after all. Today, the well known term, “Ponzi Scheme’ is named after him.
- Kenneth Lay: Kenneth Lay was behind the large Enron crime. Lay was charged with making poor business decisions with the intent to siphon money from investors.
- Martin Frankel: Frankel was charged multiple times with tricking investors into business transactions. He faced charges of improper trading and embezzlement.
- Ivan Boesky: Boesky was charged with insider trading, influencing the stock market for his own financial gains.
White collar crimes can be difficult to uncover, but when they do come to light, they will often make the media. This can make it difficult for defendants to move past these charges or to seek additional employment in the future. Charges can also affect the success of a company.
Consequences of a White Collar Crime
Even though white collar crimes do not leave anyone with physical harm, they can be financially and professionally damaging. Facing white collar crime charges is a serious matter. A conviction can lead to jail time, probation, loss of employment, and a negative reputation.
If you are being wrongfully charged with a white collar crime, it is important to take action as soon as possible. A criminal defense lawyer will evaluate the details of your case and determine what your options are going forward. In some cases, a plea agreement can lessen the sentence and reduce the charges. This could mean less time spent in jail, fewer fines, and a reduced sentence on your record.
It may also be possible to have the charges dropped by coming up with a repayment plan in which the defendant repays all the finances in question. Working with an experienced legal team is your best option at overcoming white collar crime charges.
Contact an Experienced Summit Criminal Defense Lawyer About Your White Collar Criminal Charges in New Jersey
Were you arrested or charged with a white collar crime in New Jersey? The consequences of a conviction could be severe, leaving you with a permanent criminal record and possibly even sending you to jail. That is why you need to speak with a qualified criminal defense attorney as soon as possible about your case. The attorneys at Zegas Law have successfully represented clients charged with white collar criminal charges in Summit, Woodland, White Oak, Kenilworth, and throughout New Jersey. Call (973) 379-1999 or fill out the online contact form to schedule a consultation with a member of our legal team. We have an office conveniently located at 60 Morris Turnpike, Summit, NJ 07901.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.
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