Criminal charges in Minnesota can be faced by many people, including professionals who are highly respected in their fields. Allegations of white collar crimes against investment advisors in Minnesota increased three times in a two-year span according to the Star Tribune. A recent editorial in the Minnesota Daily called for tougher sentencing and penalties for people convicted of white collar crimes.
Whether money laundering, tax evasion, bankruptcy fraud or some other charge, allegations of white collar crimes should always be taken seriously. Understanding the nature of these crimes is important for anyone accused of such involvement.
Investopedia points out that in contrast with many other types of crime, white collar crimes do not involve violence or physical harm to others. Company executives and financial experts are among those commonly accused of these crimes.
According to the website for the Federal Bureau of Investigation, a white collar crime generally involves some form of fraud for the purpose of financial gain. They can take place in public or private sector entities. The U.S. Securities and Exchange Commission indicates that Ponzi schemes are specific acts in which the promised rate of return on an investment is disproportionately high. The FBI and the SEC are two agencies that investigate these allegations.
Defendants convicted of white collar crimes can be subject to time in prison as well as financial penalties. The Blue Nation Review reports that Utah has recently become the first state in the country to institute a white collar crime registry. It is unknown whether or not Minnesota will adopt a similar model.
How common are white collar crime charges in Minnesota?
News headlines point out that Minnesota residents do need to be aware of the risk of being accused of these types of crimes. Some recent stories include:
- MPR News provided information about a City Councilwoman in Maple Grove who was found guilty of financially exploiting her elderly father. The sentence handed down from a District Court Judge is currently under attack by the State Court of Appeals.
- A Grand Marais man was sentenced to five years in prison for his role in a securities fraud scheme according to the Star Tribune.
- Upon pleading guilty to charges of tax evasion and fraud, the Star Tribune indicates that a financial services agent is currently awaiting her sentence.
These are just a few cases that highlight the dangers involved in these professions and with these types of charges.
Anyone in Minnesota who has been charged with a white collar crime has the right to a proper defense. Contacting an attorney as soon as possible is advised.
Keywords: white collar, arrest, crime, penalties