White Collar Crime…the phrase conjures up visions of white men, executives, wearing suits and ties standing at a shredding machine, doesn’t it?
But does the executive stereotype fit today?
The phrase has been around since about 1939 and has carried several definitions which all centered on the upper class status of the people accused. But looking at a list of white collar crimes shows that the stereotype of the executive in a suit is not the only group targeted by investigators these days. Because of the widespread use of technology by everyday people nearly anyone can be accused of a white collar crime.
Types of White Collar Crimes:
- Computer hacking
- Money laundering
- Internet crime
- Internet fraud
- Computer crimes
- Credit card fraud
- Insurance fraud
- Health care fraud
- Accounting fraud
- Tax crimes
- Consumer Fraud
Small business owners, restaurant servers, college students…almost anyone can be accused of these crimes.
What law applies?
In Minnesota anyone accused of a so-called white collar crime will be charged under one or more of a variety ofstatutes. Depending on the circumstances, the federal government can also bring criminal charges for white collar crimes. For instance, where the fraud is alleged to occur in multiple states federal charges could apply. The Federal Bureau of Investigation (FBI) investigates federal white collar crimes. The FBI defines white collar crime as “illegal acts which are characterized by deceit, concealment, or violation of trust and which are not dependent on the application or threat of physical force or violence”
Where does the business executive stereotype come from then?
White collar crime does tend to overlap with corporate crime because the opportunity for fraud, bribery, insider trading, embezzlement, computer crime, copyright infringement, money laundering, identity theft, and forgery are more available to “white-collar” or professional employees like accountants, bankers, managers and executives.
We can expect more charges of white collar crimes in Minnesota…
Joy Powell of the Star Tribune recently reported that prosecutions are increasing for white collar crimes in Minnesota. If you’ve been charged with a white collar crime, vigorous and effective legal representation is more important than ever. Prosecutors are eager to enforce these laws, especially in the wake of recent and repeated reports of corporate scandals within the Twin Cities and elsewhere such as the Tom Petters case). Several laws, including the Sarbanes-Oxley Act and its White-Collar Crime Penalty Enhancements Act, have created tough penalties for senior executives, and have significantly increased the penalties for common types of fraud which apply to many individuals.