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What makes a white-collar crime a federal offense?

On Behalf of | Jul 9, 2020 | White-Collar Crimes

Among federal crimes, one of the less straightforward types is a “white-collar” crime. The United States government spends hundreds of billions of dollars every year combatting white-collar crimes. Often, white-collar crimes fall under the federal classification for a few important reasons. Before diving into those, here are some examples of white-collar crimes:

  • Insider trading
  • Insurance fraud
  • Embezzlement
  • Mortgage fraud
  • Tax evasion
  • Money Laundering

While these crimes may vary in detail from case to case, one thing they have in common is that they tend to involve transactions and wiring of money. It is this wiring of money, particularly from state-to-state, that makes a white-collar crime a federal offense. What’s more, the federal government has the authority to regulate white-collar cases.

Possible penalties for white-collar crime convictions

The penalties for conviction of a federal crime will vary, depending on the crime itself and whether you have previous convictions. While consequences in a state court are generally more difficult to predict, you can be sure that the conviction of a federal crime is always series. The penalties for a conviction can include:

  • Home detention
  • Cost of prosecution
  • Restitution
  • Short and long-term imprisonment
  • Hefty fines

Note also that a felony conviction for a white-collar crime will bear significant consequences. If you currently face charges for a white-collar crime, know that there are ways to defend against them. It is not uncommon for individuals to not fully understand the criminal extent of their actions. You may not have even known what you were doing was illegal.