What Is a White-Collar Crime?
A white-collar crime charge can be incredibly complex to deal with. Typically non-violent, white-collar crime cases normally entail allegations of criminal behaviour executed for financial benefit. In 2019, Alberta held the country’s highest median loss from white-collar crimes. The recorded loss via business fraud was totalled at $1.25 million per case.
Facing a white-collar crime accusation can be detrimental to your business and career. Proving or disproving professional misdeeds like these may require extensive investigations. If you or someone you know is in this situation, contact us at Verhaeghe Law Office to schedule a consultation with one of our criminal lawyers.
An Overview of Charges in Alberta
‘White-collar crime’ is an umbrella term used for a range of financial offences, but it often refers to fraud or other offences that occur in a business setting. Outlined in the Canadian Criminal Code and other acts, numerous criminal offences are considered white-collar crimes. These include:
- Money laundering: Concealing the origins of illegally obtained money, normally executed via transfers through foreign banks or legitimate businesses;
- Criminal embezzlement: Misappropriating funds from business entities. This is usually connected to fraud and theft charges;
- Tax fraud or evasion: Falsifying records or failing to report income earned by an individual or business. Inflating or deflating income expenses to avoid paying taxes;
- Identity Theft: Using another person’s identification with the intention to commit an offence such as fraud;
- Insider trading: Using information that you possess due to your position or relationship to others to sell and buy stocks;
- Ponzi schemes: Fraudulent investments that utilize money from new investors to pay dividends to existing investors. There is no legitimate business activity or profit and investors are left without funds;
- And more.
Other white-collar crimes may include mail fraud, false prospectus, falsifying documents, and manipulation of stocks. To learn more about different types of white-collar crimes, reach out to an Edmonton criminal defence lawyer.
Potential Outcomes of a Charge
Dealing with white-collar criminal allegations can cause serious damage to your business, reputation, and personal life. If you go to court and are convicted of one of these crimes, the consequences can be severe. A sentencing may include restitution orders, extensive prison time, and/or high fines.
For example, being charged with fraud over $5,000 is an indictable offence that carries a maximum sentence of 14 years in prison. Being charged with money laundering as an indictable offence can result in a maximum sentence of ten years in prison. If the charge proceeds summarily, the maximum sentence may be a fine of $5,000, six months in prison, or both.
Those accused of a white-collar crime may be charged under the Anti-Trust Act, which provides regulation for trade and commerce. If the crime involved vulnerable victims or a breach of trust, then the resulting sentence could be significantly greater.
Contact Us to Speak to a Lawyer
Canada has put significant resources towards investigating and prosecuting white-collar crimes. Building a defence against such complicated charges may require strategic planning and lengthy research.
If you have been charged with a white-collar crime, seeking legal representation should be your first course of action. Contact us today at Verhaeghe Law Office to go over the details of your case with a criminal defence lawyer.
** Please note, this article is intended as a general overview on the subject of criminal law, and is not intended to be legal advice. If you are seeking legal advice, please consult with an Alberta criminal lawyer.