New York Civil Rights And Criminal Defense Lawyers

Some stats on white collar crime

On Behalf of | Monday Mar 14, 2022 | Criminal Defense

White collar crime in New York, is typically a nonviolent financial crime, such as Ponzi schemes and money laundering. While the FBI makes efforts to combat white collar crime, stats show how prevalent it still is.

General white collar crime stats

Statistics show 5,000 out of 100,000 people get arrested for white collar crime annually with only 3% prosecuted. In 2021, the U.S. prosecuted 4,727 white collar crimes, which was slightly over 53% less than the previous decade.

The FBI estimated white collar crime cost the United States about $300 billion annually compared to burglary and robbery at $16 billion. Asset misappropriation occurs the most frequently, making up 86% of cases, and cost less than other financial crimes. Financial statement fraud occurs at a rate of 10%, but is the most costly, with average losses of around $954,000.

Insider trading carries an average maximum 20-year prison term and a maximum $5 million fine for individuals and $25 million for organizations. The average money laundering jail term is 64-67 months with 91.1% of offenders sent to prison and 36.1% sentenced according to guidelines.

Offender stats

The term white collar crime was coined to reflect the most common offenders, which are people in business sectors. A demographic study from 2016 reveals the most common offenders are married middle-class white men with steady jobs.

Most of these men live beyond their means, are between the ages of 40-61, and never had a previous charge. Male offenders make up 75% of cases while females commit less than 10% of white collar crimes. A 2020 survey found an internet perpetrator committed 37% of the crimes and 20% from external and internal offenders.

Criminal charges can remain on record, making getting jobs difficult, even without jail terms. However, the prosecution has to prove guilt beyond a reasonable doubt. A person charged with these crimes can defend the charges with a good defense.