White-collar criminal charges involve professional misconduct or financial crimes. Fraud, embezzlement and money laundering are all examples of white-collar criminal activity. The people accused of white-collar offenses need to respond appropriately.
Otherwise, they are at risk of a number of significant penalties. The exact consequences that the courts can impose after a guilty plea or conviction depend on the specific charges the defendant faces. However, there are certain types of penalties that are standard in most white-collar criminal cases.
What consequences typically accompany white-collar criminal convictions?
Standard criminal penalties
State statutes typically provide both minimum and maximum penalties for different types of criminal charges. Those penalties usually include incarceration and fines. An individual accused of a white-collar criminal offense could spend months or years in state custody. They may also be subject to large fines that they have to pay in addition to court costs. Unless the defendant retains an attorney who can negotiate a clear plea bargain limiting certain consequences, the discretion of the courts determines exactly what penalties follow a conviction or guilty plea.
Orders of restitution
The financial consequences of white-collar criminal charges don’t end with fines and court costs. If someone embezzles from their employer or defrauds investors, the courts may decide to impose an order of restitution in addition to the traditional criminal penalties. An order of restitution is essentially an obligation to compensate those affected by criminal activity for the economic impact of the crime. Someone accused of embezzlement may have to repay their former employer for the full value of the assets misappropriated or funds diverted from the company, for example.
A lifetime criminal record
White-collar professionals sometimes fail to recognize the impact that criminal convictions could have on their careers. They don’t simply return to life as usual after they complete their probation or jail time. Every potential future employer and business partner can uncover the record of their prior misconduct by performing a criminal background check. For those in sensitive financial positions, their career may require state licensing. It may be all but impossible to regain certain types of professional licensing with a job-related white-collar criminal conviction.
Considering the long-term implications of a guilty plea or conviction may help people more effectively respond to pending white-collar criminal charges. Those who mount a rigorous defense can limit the long-term consequences related to criminal accusations.