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Top 5 White Collar Crimes That Made Headlines

Friday / June 3, 2016

White collar crime refers to financially motivated, nonviolent crime typically committed by business and government professionals. If you have been charged with a white collar crime or you know you are under investigation, now is the time to arm yourself and prepare a solid defense strategy with an experienced White Collar Crimes Attorney.

 
White collar crimes are mentioned in the news all the time. Here are my Top 5 – which ones do you remember?

 
Enron

 
Enron was an energy giant during the early 2000s, but even in the 1990s rumors swirled that it was involved in illegal accounting procedures with its accounting firm, Arthur Anderson. Jeffrey Skilling, President, COO and CEO, hid billions of dollars of debt through poor financial reporting, accounting loopholes, and the use of special purpose entities. After stocks plummeted, the SEC conducted an investigation that ultimately resulted in a prison sentence of nearly 25 years for Skilling.

 
Bernie Madoff

 
In late 2008, Madoff made “Ponzi” a household word. The former chairman of NASDAQ managed to build a multi-billion dollar investment firm with false trading reports. Although suspected of fraud before, it wasn’t until late 2008 that he was arrested after his misdeeds were reported by one of his sons. He pled guilty in 2009 to 11 federal crimes including money laundering. He was sentenced to 150 years in prison and $170 billion in restitution.

 
WorldCom

 
Following Enron was the collapse of WorldCom, a communications giant poised for greatness with the acquisition of MCI in 1999. But CEO Bernard Ebbers miscalculated and the deal hurt the company, a fact he hid with a variety of means, mostly fixed books. In 2005, a jury convicted him of conspiracy and fraud. WorldCom filed for bankruptcy and Ebbers was sentenced to 25 years in prison.

 
Tyco

 
Tyco International, a global manufacturing company, was involved in a huge scandal in 2002. CEO Dennis Kozlowski and CFO Mark H. Swartz, were accused of theft of over $150 million from the company. In 2005, they were convicted of over 30 counts of theft and fraud and were each sentenced to 8 years in prison. Tyco was forced to pay $2.92 billion to defrauded shareholders.

 
Martha Stewart

 
Martha Stewart heard her ImClone Systems stock was going to drop in 2001 and she quickly pulled her almost 4,000 shares out, avoiding a loss of $45,673. The day after her sale the stock fell by 16%. She was quickly exposed for insider trading and in 2003 she was indicted on nine counts, including securities fraud and obstruction of justice. Martha only got five months and a fine of $30,000, which if you’re counting is about $15,000 less than she saved through the insider trading.

 

Tempe White Collar Criminal Attorney Kyle T. Green

 
Call 480-331-7568 to speak to me directly regarding any criminal charges you may be facing. I offer free case reviews to anyone facing criminal defense charges. During your consultation, we will be able to discuss the specifics of your case and all of your legal options. My goal during this time is to arm you with enough information so you are able to make informed decisions about your case. In some instances I have even been able to help avoid formal charges and negotiate resolutions before formal charges are brought, all while fighting for your rights and reputation.

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