White collar crimes are illegal actions with financial motivations. They are most often attributed to businesses and professionals. White collar crimes, though they are not violent, still have many victims. Individuals can lose their savings, investors can lose everything, and businesses can fail because of white collar crimes.
Those who are found guilty of white collar crimes often face felony convictions in New York. In addition to significant criminal penalties, white collar crime convictions may include civil penalties, financial damages, and negative social and business reputation consequences. If you have been charged with a white collar crime, it’s important to work with a Staten Island white collar crime lawyer to begin building your defense.
White collar crimes may be prosecuted under New York law if the victims of the fraud or other crimes are all within state borders. Frequently, white collar crimes are charged at the federal level, for reasons including:
White collar crimes are frequently very complex and may involve individuals or employees who are unaware that they are committing a crime. Common white collar crimes in New York include:
Each type of white collar crime has its own Class designation, depending on its severity. These penalties vary based on the specifics of each unique case, but there are maximum penalties associated with each Class of felony or misdemeanor.
Because white collar crimes are financial, the court may assign a fine in place of the maximum fine for a charge. This fine equals double the amount the offender gained by committing the crime. If this gain can’t be calculated or quantified, the fine may be based on the victim’s financial loss during or as a result of the crime.
The victims of the crime could also bring civil claims against the offender. Successful claims would result in significant financial loss to the offender.
A conviction for a white collar crime may impact offenders into the future for longer than they expect. It can harm their business and personal reputation until they are unable to find employment.
A: The penalties for a white collar crime depend on the type of crime and the severity of the crime. A white collar crime may be charged as a Class B misdemeanor, leading to penalties of 3 months in jail and/or $500 in fines. A white collar crime may also be charged as a Class C felony. Then, penalties include up to 15 years in prison and/or fines of up to $5,000. There are additional consequences beyond criminal penalties, including civil, social, and business consequences.
A: White collar crimes, though non-violent, can harm anywhere from one to thousands of individuals financially. White collar crime can harm individuals, employees, a company, and investors. Depending on the white collar crime, such as fraud or money laundering, the financial consequences of white collar crime can be devastating. They can ruin people’s life savings and the basic functions of companies.
A: Crimes in New York that have no statute of limitations include:
This means that these crimes can be filed against someone by the state at any time, and there is no time limit.
A: There are several reasons why white collar crimes are under-prosecuted and difficult to punish. These include:
If you are facing white collar crime charges, you need an experienced attorney. White collar crimes can be prosecuted severely, so it’s important not to underestimate the charges you face. Contact The Vitaliano Law Firm today.