White-Collar Crime

Money laundering
Money laundering is a term used to describe a scheme in which criminals try to disguise the identity, original ownership, and destination of money that they have obtained through criminal conduct. The laundering is done with the intention of making it seem that the proceeds have come from a legitimate source. A simpler definition of money laundering would be a series of financial transactions that are intended to transform ill-gotten gains into legitimate money or other assets.
Embezzlement
Embezzlement is a crime that takes place when a person purposely withholds or uses assets and monies for a purpose other than for what it is intended. Also referred to as “financial fraud” or “larceny,” embezzlement is typically committed by an employee who is in charge of an agency or company’s finances, or a person who has responsibilities pertaining to the assets. Embezzlement is considered a white-collar crime, and can affect both small and large businesses.
Embezzlement Case
Darryl McCauley was business manager to comedian Dane Cook from 2004 to 2008. During this four-year period, McCauley and his wife stole money from Cook’s personal and business accounts and used the funds to travel, purchase a home, and invest in stocks. When Cook hired person manager to take over the business manager position in 2008, it came to light that McCauley had embezzled over 12 million dollars. McCauley was charged in 2010, and the case went to court. McCauley was convicted and sentenced to five years in prison, and ordered to pay Cook back in full.
White-Collar Crime Punishment: Harsh or Lenient?
The sentences for individuals arrested and convicted of white-collar crimes are established using a particular set of rules in which points are added or eliminated depending on the various aspects of the defendant’s behavior and the crimes committed. In large part, the guidelines are driven by the amount of losses caused by the fraudulent activity, which can easily increase the punishment to what is given drug dealers and murderers. Although the sentencing guidelines are simply a recommendation, in most cases, judges try to maintain punishments within the recommended range, in order to avoid government appeals.
The question “Are punishments for white-collar criminals too harsh or too lenient?” has no simple answer, because there is no appropriate way to determine the sentence for each defendant, especially for those committing financial crimes. It is true that the impact of such criminal activity is far broader than burglaries or property crimes.
White-collar crimes are among the hardest to defend. If you are being investigated for fraud, money laundering, tax evasion, or some other type of financial crime, it is crucial to remain silent and get legal counsel from a white-collar crime attorney.