Certain people in Florida may have differing opinions about crime, and some feel that white collar crimes are not as serious as more violent ones. However, the feds take white collar crimes, such as money laundering, securities fraud and corporate fraud, very seriously. If someone is under investigation for any of these, he or she should be fighting it the best way possible.
According to King University, corporate fraud is just one type of white collar crime, but it is a top priority for state and federal law enforcement officers. Corporate fraud occurs when there is a misleading of stakeholders and investors in the interest of financial gain. Examples of corporate fraud include insider trading, hedge fund fraud and financial information falsification.
Because corporate fraud hurts the overall economy, there are many different groups that contribute to the investigation of this crime, and the Internal Revenue Service is one of them. According to the IRS, incarceration rate for corporate fraud over the past years ranged from 72% to 97%, and the average months served ranged from 35 to 40. The types of corporate fraud that the IRS assists in investigating vary greatly, but some examples include:
- Embezzling from company profit-sharing plan
- Sending unauthorized wire transfers
- Providing false information on individual and/or corporate tax returns
- Providing false information on export certificates
- Defrauding investors
A corporate fraud conviction usually results in prison time, but the convict typically also owes hefty fines and restitution. The judge may order restitution payment to the IRS and the victims, such as an employer, investors and others. These penalties have long-term effects on many people, not just the one who committed the crime.