White-collar criminal charges are often more serious than people realize. They are not minor offenses that lead to a slap on the wrist. Frequently, people accused of white-collar crimes, such as fraud or money laundering, may face federal prosecution.
Even when they face state charges, they might face felony charges rather than misdemeanor charges. Those anxious about the potential consequences of white-collar charges and the attention that their prosecution might draw may choose to plead guilty. They may operate under the assumption that doing so gives them the best chance at a positive outcome. If professionals understand the long-term financial implications of a guilty plea or conviction, they may understand why responding assertively to pending charges might be in their best interests.
What financial consequences often follow white-collar criminal convictions?
Fines and court costs
Pleading guilty does not eliminate the possibility of a court-imposed financial penalty. Large fines are standard after a conviction for a white-collar crime. Additionally, defendants typically have to pay court costs based on the expenses generated by their criminal proceedings. Depending on the charges and the amount of time spent in court, court costs can sometimes outweigh the fines imposed by the criminal courts.
Orders of restitution
The financial consequences possible in a white-collar criminal case aren’t just based on the penalties allowed under state statutes. Judges also have the authority to order restitution in cases where one party’s activities cause verifiable economic harm to others. In scenarios involving embezzlement or fraud, the courts can order people to repay the affected parties for the full financial impact of the criminal activity. That restitution is in addition to whatever fines and court costs they have to cover.
Reduced earning potential
After successfully fulfilling the requirements imposed by the courts, defendants may try to return to their lives. Unfortunately, the record of their crime is likely to impact their opportunities in the future. Professionals may struggle to secure jobs because they cannot pass a criminal background check. They may also lose their eligibility for critical licensing. They may have to move into a lesser position or into a completely different career because they can no longer retain the state-issued license they need for a financial career.
Estimating the true financial impact of white-collar criminal charges can give people an incentive to fight back. Defendants who work with lawyers can develop criminal defense strategies that may help them avoid a conviction or at least mitigate the costs of one.