- Breach of trust by public officials (S. 336): The use of trust property contrary to its specific purpose. The punishment for this offence is a term of up to fourteen years imprisonment.
- Bribery (S. 120): When someone offers a bribe to a public officer and the latter accepts or intends to accept it in exchange for an illegal service, both commit the offence of bribery and may face up to fourteen years of prison.
- Cybercrime (S. 184, 342): The use of computers to commit criminal offences. An indictment conviction for a cyber crime carries up to ten years imprisonment.
- Fraud (S. 380): Intentionally depriving someone of their property through deception. The penalty for an indictment conviction is up to two years in prison if the property is below $5000. If the value of the property is above $5000, the punishment is up to fourteen years.
- Criminal competition matters (S. 45): It involves conspiracies, agreements and arrangements between competitors. An indictment conviction for this offence carries up to fourteen years imprisonment and a fine of up to $25 million.
- Foreign corrupt practices: Under the Corruption of Foreign Public Officials Act (CFPO), anyone who offers a service or a benefit to a foreign official commits an indictable offence punishable by up to 14 years in prison.
- Insider trading (S.130): Under the Canada Business Corporations Act (CBCA), selling a company’s securities using their confidential information is a summary offence punishable by the greater of one million dollars or three times the profit made, imprisonment of six months, or both.
- Insurance fraud (S. 380): This offence involves submitting false information to an insurer to claim benefits. If the property’s value is above $5000, you may be sentenced to up to fourteen years.
- Market manipulation (S.382): This offence involves the manipulation of a company’s public stock to artificially affect its price. Market manipulation can lead to a summary or indictable conviction.
- Misappropriation of corporate funds (S.332.1): It is the fraudulent use of company assets for personal gain. Penalties may include restitution, fine, and imprisonment, depending on the case specifics.
- Money laundering (S. 462.32): Concealing money or assets obtained through illegal means is an indictable offence with up to ten years imprisonment. Less serious offences are punishable on a summary conviction.
- Tax evasion (S. 239): Falsifying your tax records, failing to report income, inflating expenses, or fraudulently claiming a tax refund is considered tax evasion under the Income Tax Act. The penalty for tax evasion includes a fine of at least 50% and up to 200% of the tax evaded, the full amount of the tax owed, and up to two years of prison.
If an investigations team contacts you, you should take proper action immediately. A white-collar crime lawyer is better suited to deal with public officials in this situation.
What Are the Consequences for Committing a White-Collar Crime?
The consequences of a conviction for a white-collar crime can be devastating. You may face penalties involving heavy fines and lengthy prison sentences. Other penalties can include travel restrictions and fingerprinting.
If the judge grants restitution, they may liquidate your real or personal property to compensate the victims, which may impact your and your family’s financial security. Your financial situation may be further impacted by having a criminal record, as it may be challenging to find another job after a white-collar conviction.
White-collar crimes can also have civil repercussions. After a criminal conviction, you may face civil lawsuits from victims of the crime, leading to more fines and financial liabilities.
If you have a business, a criminal conviction for fraud or theft may affect your reputation. If you are suspected or accused of a white-collar crime, consider obtaining qualified legal counsel immediately.