Recently, Minnesota has been in the spotlight as cases of white-collar crimes surge in the state. The most recent case is that of a 32-year-old casino employee who stole $315,000. The anonymous person was a front-office employee at the casino. All over the country, white-collar crimes involving both employees and investors are on the rise due to the recent recession. Lawmakers are calling for stricter penalties for those found guilty of white-collar crimes. So, what are white-collar crimes? These are financially motivated and mostly non-violent crimes. Often, people use deceit to gain financial benefit.
Common white-collar crimes
Embezzlement is one of the significant white-collar crimes. It involves an employee stealing money from an employer. Mostly, the employee will transfer money to their account. The employee can also mismanage funds that they handle as part of their employment.
Extortion is another major white-collar crime. To extort money from a person means to intimidate or threaten a person for financial gain. One of the main tactics used is to threaten you with violence against your loved ones. Blackmail by exposing your information is another tactic. “Offering protection” is also a common extortion method used.
Money laundering is another form of white-collar crime. It entails a person trying to obtain money illegally and then combining the illegally obtained money with legally obtained money, making it hard to separate the illegal and legal cash.
Penalties for white-collar crimes
The law penalizes white-collar crimes depending on the value of the property wrongfully acquired. Additionally, the courts also consider the criminal history of the person. More money wrongfully acquired equates to more fines and jail time. Embezzling up to $1,000 will earn you up to $3,000 in fines and a year in jail.
White-collar crimes are serious crimes that are punished severely. Do you suspect any white-collar crime in your business? Do not hesitate to contact an attorney.