Not every crime involves violence or force, and many people find themselves suffering financial losses due to fraud, misrepresentation and other acts of financial misconduct. Some may suggest that the United States currently faces a white-collar crime wave. While victims might not suffer physical harm, they could deal with the terrible consequences of monetary losses.
A rash of white-collar crimes
White-collar criminal activities are nothing new, but 2022 logged many high-profile instances of such behavior. Public awareness may increase when public figures, such as politicians, become involved in bribery and other scandals.
Significant worries exist among those trading in cryptocurrencies. The first quarter of 2021 saw victims suffering upwards of $50 million in losses due to cryptocurrency scams. The traditional method of telephone scams did not dissipate, as $30 million in scam-related losses affected victims.
Hacking remains a pervasive problem, and people with money in cryptocurrency accounts might learn how effective hackers are the hard way. Hackers find ways to breach even the most extensive security systems of top retail corporations. The hackers might compromise credit card information from secure servers.
White-collar crime accusations
Accusations of white-collar crimes do not necessarily reflect the truth. Financial advisors may face allegations of fraud and embezzlement, but the issue could be negligence or incompetence, not criminal behavior. However, law enforcement and prosecutors may be overzealous in their decisions to charge someone with a crime.
When investigators fail to procure warrants or engage in entrapment, they may violate a suspect’s constitutional rights. Barring a jury from seeing evidence deemed illegally obtained is not uncommon, and prosecutions could fall apart when relying on dubious evidence.
Defendants may worry about facing a guilty verdict, but options for plea deals might prevent harsh fines and prison terms. Such defendants could explore their options for plea arrangements.