White-Collar Crimes – What to Expect in Prison
The term “White-Collar Crimes” was coined in 1939 and became synonyms with the full range of fraudulent crimes committed by businesses/ government professionals. The motivations behind these crimes are all aimed toward financial gains.
The belief that being convicted of a white-collar crime means you do ‘easy time’ in a minimum-security prison is entirely incorrect. It is possible, but the sentence is left to the desecration of the correctional authorities. You can be required to pay massive fines, lose your professional licenses, or even prevent you from receiving the license on top of jail time.
White-collar crimes have come to be one of the more troublesome crimes to sentence. They have to find the right balance for the seriousness of the crime and the ways to make payment to the victims of these crimes.
The Top 5 Most Common White-Collar Crimes
Corporate
This level of fraud involves accounting schemes designed to deceive investors, auditors, and analysts about the exact financial condition of a corporation or business entity. Through the manipulation of economic data, the share price, or other valuation measurements of a corporation, financial performance may remain artificially inflated based on fictitious performance indicators provided to the investing public.
An example would be the Volkswagen emission scandal where the employees installed software designed to lower the cars’ emissions readings significantly. It made the cars appear to be more efficient than their competition, but they were more than 40 times higher than the permissible levels.
Embezzlement
Also known as misappropriated funds. Embezzlement white-collar crimes are when a person entrusted by an employer or other persons to take responsibility for money or property, but then they use it for their purposes.
Ponzi Schemes
Most people have heard of these kinds of crimes, an investment scam that promises high returns for little or no risk. These have been popular for a long time and can continue only by attracting new investors to pay to older ones. They’ll fall apart when the new investments dry out.
Extortion
Extortion occurs when a person coerces an institution or another person into giving up property, money, or services. An example is when gangs force store owners to pay “protection” money. Another is when a blackmail victim pays money to keep someone from divulging information that can potentially harm their reputation.
Bankruptcy Fraud
If you are buried under insurmountable amounts of debts, you can find relief by filing for bankruptcy. However, filing for this while intentionally hiding property is a white-collar crime. When you file for bankruptcy, your creditors can take a portion of your assets to cover their expenses. Hiding your assets to try and maintain it after your action is fraudulent and must be addressed in court.
Knowing What to Expect with Jail Time Consulting
We know the idea of enduring any period in prison can be challenging. We at Jail Time Consulting created an interactive fast track course to prepare defendants of white-collar crimes for what to expect during federal incarceration. Our program “How to Survive Federal Prison” exists to equip the defendant and their entire family for the transition.
In addition, it is important that you know what sentence reduction programs are available to reduce the sentence that your judge hands down to you. The Bureau of Prisons offers five (5). Call us at Jail Time Consulting to see if you qualify for any. Our consultations are free, and the results can be very rewarding. Call us today.
Contact us today to start working with the #1 Federal Prison Consulting Team in the USA. You need to be prepared, to reduce the amount of jail sentence you receive, and know what to expect and how to handle federal prison. You can reach me at 800-382-0868, 954-740-2253,