White collar crime is taken very seriously by prosecutors in Illinois. It mostly concerns financial crimes commuted within the context of business dealings or other commercial activity. In case you are ever charged with a white collar crime or become the victim of such a crime, it’s best to be educated on the subject.
The difference between white collar crime and blue collar crime
In general, crime can be split up into either white collar crime or blue collar crime. Blue collar crime refers to crimes that are committed by individuals on the lower levels of society such as would be the case with bank robbers or shoplifters. White collar crime, on the other hand, refers to crimes primarily committed by people higher in society such as more complex financial crimes like insider trading.
The different kinds of white collar crime
There is a plethora of different crimes that may be categorized as white collar. This can include things like:
• Money laundering
• Intellectual property theft
• Insider trading
• Ponzi schemes
The different kinds of fraud
Fraud is one of the most common forms of white collar crime. Fraud can be defined as the use of deception or the withholding of important information to create a monetary loss for another party that benefits the criminal. It can include variations such as:
• Securities fraud
• Consumer fraud
• Corporate fraud
• Government benefits fraud
• Tax fraud
• Healthcare fraud
The penalties for white collar crime
If you believed white collar criminals were treated less harshly than blue collar criminals, you would be mistaken. Quite often, a white collar crime indictment can result in lengthy prison sentences and huge fines. Being convicted of money laundering in Illinois, for example, can result in a prison sentence of 20 years.
Blue collar crimes are taken very seriously by judges and juries. It is often assumed that those at the higher levels of society should have the means and moral fortitude to avoid committing crimes out of greed. The only way to protect against the harsh penalties of a white collar crime conviction is a strong legal defense.