What is the difference between private and public fraud?

Private and public fraud are both considered white collar crimes, but they differ in a few key ways. Private fraud refers to these types of crimes when they are committed by individuals or organizations for their own personal gain. This could include embezzlement, insider trading, or money laundering. On the other hand, public fraud refers to white collar crimes that are committed against the government or taxpayers and can involve public funds or public property. Examples of public fraud include kickback schemes, bribery, and tax evasion. In South Carolina, private fraud is a felony punishable by up to 10 years in prison and/or a $10,000 fine. Public fraud is also a felony in the state and carries a maximum sentence of 10 years in prison and/or a fine of up to $10,000. However, a person convicted of public fraud could face additional charges and stiffer penalties if the offense involved government funds or property. In addition to criminal penalties, a person convicted of private or public fraud could also be faced with civil fines and/or restitution to the victim. Whatever the case may be, the consequences for white collar crimes can be severe and long-lasting. Thus, anyone in South Carolina accused of committing a white collar crime should contact a qualified attorney to discuss their legal options.

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What is the difference between private and public fraud?

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