White Collar CrimePosted: October 27, 2011
I know a guy who spent 18 months in federal prison for (allegedly) violating federal securities laws. A court convicted him of selling unregistered securities in interstate commerce. He told me that his best friends in prison were a father and two sons. They were in prison for a long stretch because they hunted down and killed a guy who raped their daughter/sister. Certainly not people with whom to trifle …
If you raise money for a project (e.g. converting old warehouses into condos), please consult with an experienced securities attorney. I know people who’ve ended up in big trouble because they didn’t know (and perhaps didn’t care to know) the speed limit on their particular highway.
Another area of white collar crime is insider trading. Laws exist regarding buying or selling stocks based on non-public information.
Say I’m the CFO of a publically-traded company and know we’re having a great quarter. I load up on our stock in my TDAmeritrade account. That’s probably breaking insider-trading laws.
Some think those law should be abolished. Read here if you care.
Here’s Johnny Cash tearin’ it up in Folsom Prison: