Greed knows no bounds
The Illegal Maneuvers The Rich Use To Get Richer
One white-collar defense attorney told BI there were "routine" schemes that the wealthy "often endeavor out of sheer greed."
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The Lede
Tax evasion, insider trading, and money laundering. These are just a few of the brazen unlawful tactics that a segment of the country's wealthiest residents take part in — with seemingly little fear of prosecution — to boost their fortunes, according to white-collar criminal-defense attorneys.
Key Details
- In a 2021 report, the US Treasury Department estimated that the wealthiest one percent of Americans evade a whopping $163 billion in owed taxes every year.
- Another common unlawful method that some of the rich use to get richer is insider trading, according to the attorneys.
- Experts pointed out that straight-up misrepresentation by high-net-worth people — and those pretending to be wealthy — is also prevalent among affluent networks.
