White Collar Crime and the Role of the FBI

 Posted on December 00, 0000 in Fraud

When you think about white collar crime, you may visualize the country’s top executives participating in unlawful actions and reaping a wide range of beneficial perks. This is understandable, to an extent due to a number of Hollywood box office hits such as The Wolf of Wall Street, Boiler Room, or Catch Me If You Can. In real life, many such crimes are handled by the Federal Bureau of Investigation (FBI), making white collar offenses like forgery and deceptive practices major issues.

As early as 1939, white collar crime—a term that refers to fraudulent actions committed by business government professionals—was characterized by deeds of deceit, concealment or a gross violation of trust but not through the application of threats, violence or physical force. Such actions are typically motivated by financial gain and the avoidance of financial loss.

Types of White Collar Crime

Though these offenses generally do not involve physical harm, white collar crime is certainly not a victimless crime. The FBI notes that a single fraudulent action can destroy a company or wipe out a family’s savings. As white collar crime increases in sophistication, the FBI has dedicated both additional manpower and technology-based strategies to uncover such white collar crimes as:

• Public corruption;
• Corporate fraud;
• Bank fraud;
• Commodities fraud;
• Securities fraud;
• Mortgage fraud;
• Embezzlement;
• Money laundering; and
• Crimes against the government.

Over the years, the FBI has developed working relationships with the Securities and Exchange Commission, the Internal Revenue Service, the United States Postal Inspection Service, the Commodity Futures Trading Commission as well as the Treasury Department Financial Crimes Enforcement Network. The objective is to target fraud cases that, if left unaddressed, could cause significant harm to the U.S. economy.

Economic Dangers

According to the Bureau, corporate fraud remains one of the highest priorities. Fraud in this sector appears to cause the most damaging financial losses not only for the investor but presents a significant danger to the health of the U.S. economy. Most often, crimes of this type involve accounting schemes, unlawful actions of corporate executives, and plans to deceive potential investors. One of the most infamous examples of such fraud can be found in the damage caused by Bernie Madoff’s Ponzi Scheme that cheated investors out of some $65 billion.

As the global economy expands, so does the reach of white collar crime. Prosecutors across the U.S. have followed the FBI’s lead in ramping up efforts and diligence. Fraudulent financial cases are moving away from the civil court circuit and are now being tried in federal and state criminal court as felonies.

White Collar Crime Defense

If you are being investigated for forgery or deceptive practices, you need an advocate who will fight to protect your rights. Contact an experienced Elgin criminal defense attorney for help. Call 847-488-0889 to schedule your free consultation at The Law Office of Brian J. Mirandola today.

Sources:

https://www.fbi.gov/investigate/white-collar-crime

http://www.screenjunkies.com/movies/genres-movies/drama/10-best-white-collar-crime-movies/

http://www.businessinsider.com/how-bernie-madoffs-ponzi-scheme-worked-2014-7