People in authority are expected to uphold honesty, transparency, and accountability at all times. Whether you hold a high position in a corporate entity, work in a financial institution, or have a government position, you must not take any unlawful financial actions for your own personal gain. Getting into a white-collar crime is not acceptable for anyone, as it ruins your name and also the business or organization in general.
In this article, we’ll share with you what white-collar crime covers in the state of Massachusetts.
White-collar crimes in a nutshell
A white-collar crime is essentially a non-violent crime performed for financial gain. It is also usually committed by corporate and government officials in the form of deceit, concealment, or violation of trust to get or avoid losing money, property, or services. The ultimate motivation is to secure a personal or business advantage. A few examples of this crime include security fraud, embezzlement, corporate fraud, and money laundering.
Intentional or unintentional acts
It’s important to understand what a white-collar crime is, as it can be done on purpose or unintentionally. For the most part, several government officials and corporate individuals do this act to gain a financial profit. But on the other hand, some appear to have committed this through simple mistakes and misunderstandings that they were not aware of. For this reason, persons in authority should be wary of the actions they’re taking, particularly if and when they’re dealing with finances or conducting financial transactions.
Types of white-collar crimes
- Abuse of system: The white-collar crime is an “abuse of the system.” It doesn’t necessarily mean that once you hold a position in the government or a highly esteemed corporate entity, you already have the power to manipulate people—and money, for that matter. That’s why the law has clearly defined this crime to prevent the abuse of power and protect people or businesses. Examples of this type include tax, insurance, and healthcare fraud.
- Theft-related crime: The most apparent type of white-collar crime has to do with committing theft. As government and corporate officials have access to funds and the authority to conduct financial transactions, they can take advantage of the finances for their personal gain. This type of crime can range from as simple as using the government’s fund for personal purchase to as big as stealing a huge amount of money from the company. Examples of this type are identity theft, credit card fraud, and telemarketing fraud.
- Money-related crime: There is nothing more alarming than making use of money, not for what it is intended for, or doing something bogus behind any financial transaction. Some types of money-related crimes are counterfeiting and uttering, forgery, and bribery. The most popular one is money-laundering, which involves making money earned from criminal activity appear to have a legitimate source.
At this point, we’ve covered what white-collar crimes essentially entail, especially in the state of Massachusetts. As a person in authority, you are expected to exhibit honesty and professionalism at all times. For this reason, be sure to consider all the valuable information discussed above to avoid getting involved in this type of crime. However, if you’ve gotten into this situation unknowingly, be sure to hire an experienced lawyer to assist you through the process.
Have you been accused of a white-collar crime and need an attorney? Let our best lawyers in Boston help you out! We’re a criminal law firm in Boston, MA, specializing in personal injury, criminal defense, and medical malpractice. Get in touch with us today for a free case consultation!