White-collar crimes are nonviolent forms of crime that have financial motivation behind them. Typically, business professionals and government officials commit them– hence ‘white-collar’. They lie, cheat and steal for financial gain.
White-Collar Crime: Introduction
A successful conviction for a white-collar crime in California may result in substantial fines, even prison time. White-collar crimes vary in many shapes and forms. That’s why some crimes are tried under specific laws that cover them.The majority of white-collar crimes are called ‘wobbler offenses’ in California, which means they may be charged as either a misdemeanor or a felony. A misdemeanor is relatively easy to handle, but a felony can result in severe personal, legal, and financial consequences.
Common Types of White-Collar Crime and their Punishment
Fraud
Fraud is against the law in every state, but some cases may also violate certain federal laws. The defendant may be prosecuted in a federal court in addition to getting sentenced under state law. Fraud is a crime with severe consequences in the state of California.The convict may face problems in addition to the high fines and incarceration. Any money, assets, property, vehicles or other items gained with fraudulent activity may be seized. The convict may even lose their home, making life very difficult for their loved ones. That’s not even counting the public backlash.
California considers fraud to be a crime of ‘moral turpitude’. Individuals not born on U.S. soil may be subject to deportation. Even foreigners with proper documentation may be expelled as a result of a fraud conviction. It may also lead to suspension or cancellation of a professional license, especially when the license was used to commit fraud.
Extortion
Section 518 in California Penal Code covers extortion or blackmail. Extortion involves obtaining property, products or services from another person or party through wrongful use of violence or fear.Extortion is typically charged as a felony. If convicted, you may face up to 4 years of incarceration in California state prison and up to USD 10,000 in fines. Even attempted extortion is severely punished with almost the same penalties.
Forgery
Section 470 in California Penal Code covers forgery. Forgery involves the creation, alteration or use of a written document with specific intentions to defraud. It can be charged as a misdemeanor or felony based on the circumstances.If convicted of forgery as a misdemeanor, you may face up to one year in county jail and up to USD 1,000 in fines.
If convicted of forgery as a felony, you may face up to 3 years prison sentence in California and up to USD 10,000 in fines.
Embezzlement
Section 503 in California Penal Code covers embezzlement. Embezzlement involves violating a trusting relationship by depriving the victim of specific property and taking it as your own. Embezzlement is typically charged as a misdemeanor or a felony depending on the circumstances, just like many other forms of white-collar crimes.It can be charged under California Penal Code Section 487 as grand theft if the embezzled amount is above USD 950. On the other hand, it can be charged under California Penal Code Section 488 if the embezzled amount is below USD 950.
If convicted of embezzlement as a grand theft misdemeanor, you may face up to one year in county jail and up to USD 1,000 in fines.
If convicted of embezzlement as a felony, you may face up to 3 years prison sentence in California and up to USD 10,000 in fines.
For petty theft embezzlement, you may face up to 6 months in county jail and up to USD 1,000 in fines. If embezzled object values less than USD 50, you may only face a fine up to USD 250.
Ashutosh Jha
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