Home to the world’s biggest banks, hedge funds, financial advisors, and other cottage financial industries, New York City is the financial capital of the world. White collar crimes have always been a part of the industry, but white collar crime is on the rise even outside of Wall Street.
What Is White Collar Crime?
White collar crime is a general term for non-violent, financially motivated crimes. Although this can include large scale crimes such as embezzlement, tax fraud, and stock market manipulation, it also includes small scale crimes such as credit card fraud, identity theft, counterfeiting, and forgery. Many of today’s street gangs, faced with stiff federal and state penalties for drug crimes, have turned to more lenient white collar crimes.
What Are the Penalties For White Collar Crime?
In New York, any particular criminal act will likely implicate several different charges of varying severity. For example, let’s say you used a stolen credit card to check into a hotel and charge $4,000 worth of hotel fees and room service. In New York, that act will likely implicate all of the following crimes:
• Theft of services,
• Unlawful use of credit card,
• Identity theft in the second degree,
• Grand larceny in the third degree,
• Criminal possession of stolen property in the fifth degree,
• Criminal possession of stolen property in the third degree.
That is quite the laundry list of charges that stem from the use of a stolen credit card. Theft of services, unlawful use of credit card, and criminal possession of stolen property in the fifth degree are class A misdemeanors which each carry a fine of up to $1,000 and up to 1 year in jail.
Identity theft in the second degree involves assuming the identity of another person to obtain goods or services in excess of $500 and is a class E felony. It carries with it penalties of prison time up to 4 years and a fine of up to $8,000 in this example.
Grand larceny in the third degree, and criminal possession of stolen property in the third degree involves the knowing theft or possession of property with a value of $3,000 up to $50,000. They are class D felonies, and carry penalties of prison time up to 7 years and a fine of up to $8,000 in this example.
In addition to the state level charges, many white collar crimes are associated with federal charges as well. As you can see, white collar crimes can quickly become extremely complicated. An experienced criminal defense attorney can protect your rights at both the state and federal levels and manage a complex case with multiple charges effectively and efficiently.