What Are the Most Common Types of White Collar Crimes in Illinois?

 Posted on August 28, 2023 in Criminal Defense

White collar crimes are non-violent offenses that usually involve deceit, deception, or breach of trust for financial gain. These types of crimes are often committed by individuals in positions of power or authority within businesses, corporations, or government entities. In Illinois, white collar crimes can have serious legal consequences, and they can result in hefty fines and even imprisonment. Some common types of white collar offenses that may lead to criminal charges in Illinois include:

1. Fraud

Fraud is one of the most prevalent forms of white collar crime in Illinois. It involves intentional deception or misrepresentation that results in financial loss to another individual or entity. Some common forms of fraud include:

• Insurance fraud: A person or business may be accused of submitting false claims to insurance companies for personal gain.

• Credit card fraud: These offenses may involve illegally obtaining someone's credit card information and using it for unauthorized transactions.

• Identity theft: A person may be accused of using someone else's personal information for fraudulent purposes, such as to obtain loans or credit.

2. Embezzlement

Embezzlement occurs when a person entrusted with managing funds or assets or holding someone else’s property uses them for their own personal gain without consent or authorization from the rightful owner. This offense will often involve employee theft, and it may happen within corporate settings where employees have access to company funds. However, it can also occur when someone is given control of someone else’s personal property or finances and uses these assets to benefit themselves at the expense of the original owner.

3. Money Laundering

Money laundering involves disguising the true origins of illegally obtained money by making it appear as though the money was earned legitimately. These offenses often involve complex transactions designed to disguise the source of money and mix it together with funds that were earned legally. Money laundering charges will often be related to drug crimes or other offenses involving large amounts of money.

4 Insider Trading

Insider trading refers to buying or selling stocks based on information that is not available to the general public. This privileged information can give traders unfair advantages and manipulate stock prices. Company officials or other parties who make trades based on insider information may face investigations from government officials and penalties such as large fines and jail time.

5. Tax Evasion

Tax evasion occurs when an individual or entity intentionally avoids paying their taxes by fraudulent means. Multiple strategies may be used to evade taxes, including underreporting income, inflating deductions, or using offshore accounts to hide assets. The IRS may conduct tax audits to uncover attempts at tax evasion. In addition to requiring taxpayers to pay the amounts owed along with any applicable penalties, criminal charges may be pursued.

6. Computer and Internet Crimes

With the increasing reliance on technology, computer and internet crimes have become more prevalent in recent years. These crimes may involve hacking into computer systems, online scams such as phishing emails, and ransomware attacks. Depending on whether an offense affected people in multiple states or caused damage to critical infrastructure, a person accused of computer crimes may face either state or federal charges.

Contact an Experienced DuPage County White Collar Crime Attorney

If you have been accused of a white collar crime in Illinois, it is crucial to consult with an experienced attorney who can help you determine your options for defense. At Law Office of Philip R. Nathe, Our Naperville white collar crime defense lawyer is dedicated to defending people against criminal charges, and we can provide guidance on the best ways to address these accusations. To schedule a free consultation, please contact us at 630-416-7600.