What are Common White-Collar Crimes Committed?
A white-collar crime is a non-violent offense that is committed by “white collar” professions, such as business executives and politicians. Each year, there are over 4,100 prosecutions for white-collar offenders. Offenders may be prosecuted in state or federal court, with a federal prosecution usually carrying harsher penalties.
If you are facing allegations of a white-collar offense, now is the time to reach out to our South Carolina white-collar crime attorney.
Money Laundering
Whoever, knowing that the property involved in a financial transaction represents the proceeds of some form of unlawful activity, conducts or attempts to conduct such a financial transaction which in fact involves the proceeds of specified unlawful activity with the intent to promote the carrying on of specified unlawful activity, or with intent to engage in conduct constituting a violation of certain sections of the Internal Revenue Code of 1986
A serious accusation, an individual who is accused of taking part in a financial transaction with knowledge that the funds are from an illegitimate source could be charged under 18 U.S.C. §1956. A conviction under federal law carries potential imprisonment of 20 years, a $500,000 fine, or twice the amount of the laundered funds (whichever is greater), or both.
If you are charged under the South Carolina Anti-Money Laundering Act and the transactions equal or exceed $100,000, you may be sentenced up to 20 years in prison. Additionally, you may be fined $250,000 or twice the amount of the laundered funds (whichever is greater). Subsequent convictions carry a $500,000 fine or quintuple the value of the laundered funds (whichever is greater).
Identity Theft
Identity theft is the act of acquiring a person’s financial information without permission for your own financial gain. This may include stealing another person’s social security number, driver’s license, bank account information, credit card number, or digital signature. If a large sum of money or multiple victims are involved, you may be tried in federal court.
At the federal level, you may be sentenced up to 15 years in jail, fined, or potentially both. If convicted under state law, you may receive ten years in jail, fined, or both imprisoned and fined.
Mortgage Fraud
A type of fraud committed by professionals in the home buying process or borrowers, mortgage fraud is the misrepresentation or omission of information relied on by a financial institution in funding a loan.
There are two types of mortgage fraud: fraud for profit and fraud for property (also known as “fraud for housing”). Fraud for profit may involve real estate agents, brokers, property appraisers, or settlement agents stealing equity or cash from homeowners or lenders. In contrast, fraud for property involves borrowers lying about their income or assets on a mortgage application to secure a loan for which they would otherwise not qualify. Fraud for property can also involve a potential homebuyer influencing an appraiser’s assessment of a property’s value.
A conviction under South Carolina law carries 10 years imprisonment and fines of $10,000. If you are convicted under federal law, you could be imprisoned for up to 30 years and face a maximum fine of $1 million.
Reach Out to a South Carolina White-Collar Crime Attorney Today
Given the statutory punishments for a white-collar offense, even if you merely suspect that you are under criminal investigation, you need to act quickly. Both local law enforcement and federal agents conduct investigations quickly.
While an investigation is underway, you need to be working with a criminal defense attorney who can help you through the process. To arrange your free consultation, contact us by phone or by completing our online contact form.
