If you are facing white-collar crime charges, it’s in your best interest to seek legal representation. These crimes, while not usually characterized by physical violence, can cause substantial harm to their victim and lead to severe consequences. Please continue reading to discover the penalties you can face for white-collar crimes in New York and the importance of connecting with our dedicated Long Island Criminal Lawyers for guidance during these difficult times. 

What Are Common White-Collar Crimes?

White-collar crimes are financial offenses, characterized by their occurrence within a business environment and perpetration by individuals in professional capacities. The primary objective of these crimes is to acquire money, property, or other financial benefits. They are carried out through deceitful practices and often involve violating a position of trust, utilizing complex and sophisticated schemes. Common examples of white-collar crimes in New York include:

  • Fraud: This involves intentionally deceiving a person or entity to gain a financial benefit. It usually entails concealing information, misrepresenting facts, or making false statements to deceive another party.
  • Embezzlement: This is the unauthorized taking or fraudulent appropriation of assets entrusted to one’s care.
  • Tax Evasion: This involves deliberate actions to avoid filing one’s tax obligations.
  • Extortion: This involves obtaining money or property through coercion, intimidation, or threats.
  • Insider Trading: This involves the unethical use of non-public, confidential information to gain an advantage while trading on the stock exchange.
  • Money Laundering: This involves concealing the origins of illicitly obtained funds from crimes.

Although mislabeled as “victimless” due to the absence of physical harm or threats of violence, these crimes can, in reality, cause significant financial hardship for their victims.

What Are the Penalties for a White-Collar Crime in New York?

White-collar crimes are categorized by the financial impact they have; those with minor financial implications may be classified as misdemeanors, resulting in less severe penalties than felonies. The extent of financial loss is a primary determinant of the penalties incurred. However, most white-collar crimes are felony offenses. For instance, falsifying business records is a Class E felony, which is punishable by up to four years of imprisonment and fines.

Additionally, a defendant’s criminal history, particularly prior convictions, significantly influences sentencing in white-collar crime cases. Recidivism is taken quite seriously, meaning repeat offenders typically face harsher sentences to discourage future criminal behavior. Such convictions can also affect plea negotiations and lead to increased penalties, as the legal system considers the cumulative effect of an individual’s past offenses.

While often linked to serious violent crimes, mandatory minimum sentences can apply to specific white-collar offenses, especially those involving significant financial losses or repeat offenders. Penalties can include substantial fines, restitution to repay victims for their damages, and imprisonment. It’s important to note that a conviction can result in the loss of professional licenses, certain civil rights, difficulty securing future employment, and damage to your reputation.

If you have been charged with a white-collar crime in New York, please don’t hesitate to contact a dedicated attorney from Castro & Trodden, LLC, to learn how we can fight for you.