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Types of Criminal Fraud (Explained)

Fraud is a serious crime that can be charged at the state or federal level. It is often referred to as a white collar crime. If you are involved in a case of fraud, it is important to know what you are up against. Check out the different types of fraud and the possible penalties below.

Common White Collar Crimes

The term “white collar crime” was created in 1939 and refers to crimes committed by business and government professionals. These professionals generally wear suits for work, hence the term white collar. The crimes committed have the potential to destroy a company, bankrupt its workers and investors. The movie "The Wolf of Wall Street" is a prime example of a white collar crime that was committed by a scamming stockbroker named Jordan Belfort. These financial deceptors aim to scam money out of anything they possibly can.

White Collar Crime 101: The Nitty Gritty of Money Laundering

Contrasted with the innocence of our everyday domestic laundry endeavors involving detergent and clotheslines, money laundering can land you in prison. What’s more, if you’re at all involved in a money laundering scheme, you could be punished. If you’ve seen the 1995 movie Heat with Robert De Niro and Al Pacino, you’ll understand a bit about how money laundering works (if you haven’t, put it on your list of movies to watch).

White Collar Crimes Carry Big Sentences

White collar crimes may seem harmless to some, as no one is physically hurt by deeds such as forgery or fraud. But these are crimes Minnesota and federal authorities take very seriously, and convictions can bring long sentences. A few recent Minnesota cases illustrate this point: