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3 industries strongly associated with white-collar crime

On Behalf of | Jun 18, 2024 | White Collar Defense

People sometimes refer to financial crimes as white-collar crimes because these offenses have a strong association with those in white-collar careers. White-collar criminal charges range from various types of fraud to money laundering and embezzlement.

Technically, white-collar criminal activity can occur in any industry or might even involve someone without a job. However, there are certain employment arrangements that have a stronger association with criminal activity than other professions. A few specific industries see a concerning amount of criminal activity and may, therefore, be subject to much more scrutiny than those in professions not associated with white-collar crime.

The financial sector

Many of the highest-profile cases of fraud involved investment schemes. Ponzi schemes where people take money from investors to falsely claim they have generated returns on prior investments can lead to financial devastation. Pump-and-dump schemes may trick people into investing in a company for the benefit of those who currently hold stock. Those in the investment and financial sector are in a prime position to engage in fraudulent activity.

The medical sector

Healthcare fraud is one of the most consistent and expensive forms of fraud reported in the United States. Billing fraud can affect not just private insurance companies but also government insurance programs. Taxpayers may end up footing the bill when hospitals and healthcare providers engage in fraudulent billing activity. Both healthcare providers and their support staff could be at risk of fraud charges.

The retail and service sector

Money laundering and retail businesses or restaurants go hand-in-hand. Those attempting to falsify the origins of revenue can fabricate consumer transactions at a restaurant or small retail business. They can also offer services, like money wiring or the purchase of prepaid cards, which can help to obfuscate the true origins of capital. Additionally, restaurants and retail businesses are top victims of embezzlement schemes.

Those in high-risk industries may have a greater chance of facing scrutiny of their professional conduct. In some cases, actions that look like white-collar crimes are totally innocent. Reviewing the state’s evidence with a skilled legal team can help people begin developing a defense strategy if they’re being investigated or have been wrongly accused of financial misconduct.