White collar crimes carry varying amounts of penalties. Some result in imprisonment while others may come with fines, loss of professional licenses and other criminal penalties.
White collar crimes carry a stigma that will follow you, so you need to ensure you retain the services of a federal criminal defense attorney to protect yourself. White collar crimes vary in degrees of complexity, so you may have a federal charge, a state charge or both.
Differences between state and federal charges
The difference between the two charges is complex. Most states have laws that penalize white collar crimes, but many times the federal white collar criminals become penalized at the federal level. Usually, this occurs due to the fact that the crimes typically affect interstate commerce, foreign commerce, or the federal government. The crime is subject to federal sentencing guidelines.
State charges are extremely serious, but federal level charades have severe consequences. For example, federal charges may result in federal prison and this usually means you are ineligible for parole.
If the crime violated both state and federal law, you may have concurrent charges. To get a concurrent charge, the state and federal laws must have a section that explicitly details the act. The state contacts the federal government and the officials determine if the crime is larger than local jurisdiction.
Over the years, the government instituted strict punishments for white collar offenses, so it is imperative that you hire an experienced criminal defense attorney. Penalties range from probation to prison time. Understanding your rights and getting an attorney may allow you a chance of avoiding conviction.