Common Misconceptions Regarding Federal White-Collar Crimes

 Posted on February 28, 2023 in White Collar Crime

Chicago white collar crime lawyerFederal white-collar crimes are non-violent offenses that are generally financially motivated and may involve different types of fraud, embezzlement, money laundering, bribery, and similar offenses. While these types of crimes are usually associated with high-profile cases, there are still many misconceptions about what they are, how they are prosecuted, and the potential consequences. Today, we will discuss common misconceptions regarding federal white-collar crimes. If you are ever charged with a federal white-collar crime, please understand that you are in serious legal jeopardy and should strongly consider hiring a criminal defense attorney who will work to ensure your rights are protected.

Myths Regarding Federal White-Collar Crime

Here are some common misconceptions regarding federal white-collar crime, including:

  • They are victimless crimes – One of the most common misconceptions is that white-collar crimes are victimless. However, this is far from the truth. White-collar crimes can have a devastating impact on individuals, businesses, and even entire industries. For example, types of fraud or insider trading schemes can result in substantial financial losses that hugely damage people's lives. 

  • They are not taken seriously – Another common misconception is that they are not taken as seriously as financial crimes. This, too, is far from the truth. Federal prosecutors take white-collar crime seriously and are highly aggressive in pursuing charges against the accused.

  • They are easy to defend against – Some people incorrectly believe that because white-collar crime does not involve violence towards others, they are easy to defend against in court. This assertion is untrue. Since many white-collar crimes are financial, they can be extremely complex cases. As a result, only attorneys qualified in the criminal defense of white-collar crimes are suited to defend against such charges. 

  • They do not involve serious jail time – Make no mistake, federal white-collar crimes can levy serious prison terms. It is not entirely uncommon for a conviction to result in a prison sentence of decades or more.

  • They only involve rich people – This myth likely exists because many white-collar crimes are high profile involving wealthy individuals or businesses. However, you do not need to be rich to commit a white-collar crime. 

  • They never catch the perpetrators of white-collar crime – This may have been somewhat true many years ago. However, for the past 40 years or so, ways to catch alleged white-collar crime perpetrators have become increasingly more abundant. Moreover, with the federal government's resources, perpetrators of federal white-collar crimes will aggressively be pursued and held accountable for any alleged offenses. 

Contact a Chicago, IL Criminal Defense Attorney

If you have been charged with a federal white-collar crime, do not hesitate to contact the prestigious Chicago, IL, criminal defense lawyers with Law Offices of Hal M. Garfinkel LLC, Chicago Criminal Defense Attorney. Call 312-629-0669 for a free consultation.



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