Understanding the white collar crimes /property crimes and their penalties
Non-violent crimes which do not involve force or threat of force but usually committed in commercial situations for illegal monetary gain are categorized as white collar crimes. Many white-collar crimes are especially complicated to prosecute because these offenses are committed by the persons of high respectability and social status. Some of the white collar crime offenses include fraud, bribery, money laundering, counterfeiting, computer or internet fraud, environmental law violation, insider trading, embezzlement, economic espionage etc. Unlike white collar crimes, property crimes include offenses such as trespassing, theft, causing damage to the property, vandalism, larceny, possession of the stolen property etc.
Penalties associated with white collar crimes/property crimes:
Depending upon the type of charge and the actual circumstances of the crime, some of these white collar crimes or property crimes lead to serious consequences ranging from fines to jail or prison.
Property crimes –
- Among others felonies, if the loss includes criminal damage to the property, graffiti or arson without the owner’s consent, causing serious impact to the person or property then it may result in being charged with the criminal charges. In case if the damage caused to the property belonging to a judge or public utility, the penalty would be decided according to the property crimes law and the type of accusation.
- As per the property crimes law if the criminal damage is done to the property which would likely cause injury to a person or reduce its value further to a lower rate, the charges would be classified under felony or as a misdemeanor.
White collar crimes –
- As per the statistics of Federal Bureau of Investigation, white collar crimes are costing more than $300 billion to the US government annually. Many federal government agencies such as FBI, the IRS, US customs, the Securities and Exchange Commission etc are given authority to enforce and regulate these laws at the federal level.
- The charges associated with the white collar crimes may vary depending upon the specific nature of the crime, which may range from minor to severe including the imprisonment or excessive fines. Especially, if the securities are involved in the crime, it may be considered as the federal issue which will be handled under the federal securities law.
- Most of the white collar crimes are corporate crimes which are committed by the business or government, thus destroying the organization and its employees and costing billions of dollars to the investors. There are many other types of white collar crime offenses such as bank or credit card fraud, extortion, tax evasion, telemarketing fraud etc where the penalties include fines, community confinement, forfeitures, restitution, imprisonment and others.