White-Collar Crime Carries Stringent Penalties
White-collar crime refers to crimes of deception committed for financial gain while conducting business activities on the job, in a business, or within government. Deception is the key facet of the crime which differentiates it from the blue-collar variety because no physical violence is threatened or used in the commission of the act. Examples of white-collar crimes include bribery, embezzlement, larceny, extortion, forgery, and various types of fraud. White-collar crimes are typically considered felony offenses, and if convicted a person charged with a white-collar crime can face stringent penalties ranging from probation to steep fines and long-term imprisonment.
In recent years, several white-collar crimes have been highly publicized in the media. One such example was the case of Bernard Madoff, the most prominent case of white-collar crime in history. He was charged in 2009 with eleven federal white-collar offenses related to a Ponzi scheme including securities fraud, mail fraud, wire fraud, and money laundering. Madoff was sentenced to 150 years of imprisonment and ordered to forfeit $170 billion.
In 2004, television personality and home and lifestyle expert, Martha Stewart, was convicted of lying to investigators about the sale of her ImClone stock after a non-publicized tip from her stockbroker. She was sentenced to serve five years in a federal correctional facility and was then placed on two years of supervised release, in addition to paying a $30,000 fine. Incidentally, her stockbroker, Peter Bacanovic, was found guilty of conspiracy, perjury, making false statements to investigators, and obstruction of justice. He was sentenced to five months of federal incarceration, five months of home confinement, and then two years of probation.
A third case of white-collar crime that received a great deal of media attention was the Enron Scandal. As former president, CEO and COO of Enron Corporation, Jeffrey Skilling was charged in 2006 with insider trading, securities fraud, insider trading, giving false statements, and conspiracy. He was sentenced to twenty-four years and four months incarceration in a federal penitentiary. In addition, he was given a $45 million fine.
With the surge in the number of people using the internet as a means to conduct business, an entirely new arena of litigation has emerged. White-collar crimes conducted in cyberspace can include a whole host of new charges. These include intellectual property rights infringement, computer hacking, identity theft, money laundering, online extortion, and credit card theft. Because crimes committed over the internet cross state lines, these white-collar criminal cases can be very complicated.
If you have found yourself accused of a white-collar crime, or if you suspect that you may be under investigation for one, it is critical that you immediately contact an attorney. It is also important that you choose someone with experience in this area of the law because your property, your money, and your freedom are at stake. Do not face these serious charges alone, but make sure your rights are protected during a criminal investigation. If charges are filed against you, you will have peace of mind in knowing that you have expert representation in court.