231 Law

Figuring Out Companies

White Collar Crime Might Be Happening in Your Business

You should already be aware the criminals come in all shapes and sizes, and you can’t even trust no matter which class spectrum they come from. Even desk workers wearing a suit can very well be doing some crime. They may not be doing violent crimes, but it’s crime nonetheless. And this definitely has some serious effects on both the business and economy sectors. The kind of crime this article is talking about is known as the white collar crime, which involves finance capabilities and abuse of business.

You might be defending your business saying that your employees are all angels.

Well, it would be best if you can really be sure about that.

It is crucial that you learn more regarding the oft-overlooked aspect of law. Being knowledgeable about these things helps you reduce the risk of you getting your business into trouble with the law.

So what kind of crimes are involved here?

What do you think is the most common crime that small businesses are involved in? In case you don’t know yet, it’s actually tax evasion because of fraudulent bookkeeping. However, there are some forms of tax evasions that may be classified technically as legal because of some legal loopholes. There’s also this asset retention made for the purpose of criminal conversion, making it the reason for embezzlement lawyers to be busy. There is also what is known as payroll fraud, wherein a business incorrectly lists an employee just so they can avoid paying them what they actually deserve. Businesses tend to commit this crime especially if they’re just not that competent with their employee records.

What to do when investigated or accused

What you should know about white collar crimes is that even if they’re nonviolent crimes, they’re still going to be treated just like any other crimes. In case you’re not aware, there are people serving a life sentence for white collar crimes. Although jail is not really that common, you should understand that hefty fines and many other business penalties will be guaranteed. Always remember the fact that agencies that are responsible in investigating such crimes are definitely not pushovers which is why you should gather every evidence you’ve got to help clear your name and see to it that you cooperate fully. But most importantly, you have to get a good lawyer.

Have your employees monitored

If you’re an employer of a financial business, it is essential that you conduct background checks on all of your candidates. One thing that you have to make sure is to hire a trustworthy accountant who can actually keep an eye for any suspicious data as well as any discrepancies.