About Money Crimes
Crimes aren’t always committed by those dressed in ski masks; sometimes they’re committed by individuals in business suits with expensive watches. White collar crimes are those committed by government officials and high-ranking corporate officers who seek to steal money by such ill means as violation, concealment, and deceit, all of which usually involve multiple victims. Understanding such crimes can help keep you from becoming a victim.
Health Care Fraud
Health care fraud is a type of white collar crime that involves stealing medical or insurance information. Criminals lure individuals to medical clinics to obtain their names when they sign in, or they might set up shop at health fairs to gain information through free health screenings. A fraud attorney explains that citizens should never provide insurance information with free screenings or during telemarketing calls.
An example of embezzling is when an employee steals money from an employer and puts it into a personal account. A lawyer or investment manager might also embezzle client funds. Simply put, the crime of embezzlement involves stealing from a person to whom you owe a confidential or fiduciary duty. There are many different types of embezzlement, such as lapping, fake refunds, computer schemes, and kiting.
Perhaps one of the most well-known of white collar crimes today is identity theft. Identity theft mainly involves stealing a person’s name, Social Security number, and date of birth, usually with the intention of setting up fraudulent accounts or filing fraudulent tax returns. Stealing a person’s identity often involves stealing a birth certificate, passport number, Social Security card, financial account number, biometric data, or death certificate.
Whenever someone filters ill-gotten gains through a legitimate business, it’s a crime known as money laundering. With money laundering, the illegally gained money is deposited into a brokerage or bank account of a registered business before being distributed through a number of intricate transactions meant to make it difficult to trace the money. Finally, the seemingly-legitimate money is “cleaned” through selling off or buying up assets.