Is White Collar Crime a Felony?

Not every crime involves violence, but some can be just as traumatic and devastating. White collar crimes, for example, can leave ordinary people on the brink of bankruptcy and financial ruin, suffering physically and emotionally from their ordeal. White collar crimes are called this because those who commit these financially driven crimes typically work in businesses or for the government.

The consequences for white collar crime convictions can be severe, so it’s important for people accused of such crimes to do everything possible to obtain an acquittal. White collar crime is a felony, and you can learn about some examples below.

Money Laundering

A person can be arrested for money laundering if they have made a large amount of money doing something illegal and made it seem as though this money has come from a legitimate source. For example, maybe you have been accused of making millions through drug trafficking but disguising these earnings under the umbrella of a legal place of business.

The consequences a person can face on a federal level will depend on how much money is involved in the alleged money laundering scheme. Felony money laundering could land you up to twenty years in prison, depending on the circumstances of your case.

Embezzlement

Embezzlement involves the misappropriation or theft of money that someone else was entrusted with. For instance, maybe you were a financial advisor and have been accused of stealing money from a client’s account after you were given permission to handle their funds.

If you are found guilty of felony embezzlement charges, you could spend as much as ten years in federal prison and pay fines of as much as $250,000. These penalties can vary, depending on how much money you have been accused of embezzling. For this reason, it is critical that you retain exceptional legal representation.

Ponzi Schemes

If you have been arrested for running a Ponzi scheme, you could be facing very serious consequences. Ponzi schemes are a way to defraud investors by collecting an investment for a company or venture that does not exist. Ponzi scheme heads will then pay returns to older investors using the investments of new investors. Ponzi schemes always fall apart; it’s just a matter of when that will happen.

As a federal felony, Ponzi schemes carry with them considerable prison time and fines, as well as restitution, depending on how large the Ponzi scheme was and the value of the scheme as a whole. The longer it was in operation and the more investors who were defrauded, the greater the penalties will be if you are found guilty of operating a Ponzi scheme.

Contact a White Collar Crime Lawyer

Have you been accused of felony white collar crime? Do you need a powerful defense? If so, call a respected white collar crime lawyer at Chris Lewis & Associates P.C. You can visit our website or give our office a call at 214-665-6930 when you are ready to get started on your defense strategy.