White-collar crime law refers to crimes committed by educated professionals in their profession, including fraud, embezzlement, insider trading, hacking, counterfeiting, and bribery. The term was coined in the late 1930s, named after professional males who wore white-collared shirts. Cyber crimes and identity theft are becoming more common. The law treats white-collar crimes as any other criminal offense, punishable in the same way, but only those in a position of authority or with access to private information can commit them.
Many people have associated the word “crime” with violence. In fact, a large percentage of crimes committed are violations of a white-collar crime law. White-collar crime law typically refers to crimes committed by educated professionals in the course of their profession. “White collar crime” is not a legal term; however, it is a commonly used term within the legal profession. Crimes such as fraud, embezzlement, and insider trading, as well as hacking, counterfeiting, and bribery, among others, can be found under the White Collar Crime Law.
The term “white collar crime” has only been around since the late 1930s. It was named after the people most likely to commit the crimes: professional males who, at the time, typically wore white-collared shirts to work every day. As a result, the body of law dealing with crimes committed predominantly by educated and upper-class professionals has come to be known as the white-collar crime law.
Fraud and embezzlement are two of the most common types of white collar crime. Fraud involves an intentional deception or misrepresentation of fact that causes a person to do something they would not otherwise do. Typically, fraud causes the victim to part with money under the false belief that they are getting something of value in return. A person is guilty of embezzlement when he fraudulently embezzles money that does not belong to him.
Cyber crimes and identity theft crimes are becoming more common with the digital age. There are myriad opportunities for someone in a position with access to digital information to take advantage of using the information for illegal purposes. Similarly, offenses such as inside trading are committed by someone who has private information regarding the stock market and uses the information for their own benefit.
In practical terms, the white-collar crime law is no different from any other criminal law. Each of the offenses considered a white-collar crime is charged as a misdemeanor and is punishable in the same way as any other crime. The difference tends to be solely in the type of person who commits the crimes. Due to the nature of white-collar crimes, only those in a position of authority, or with access to privileged or private information, are capable of committing crimes. The law, however, does not distinguish between defendants.
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