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Felony. Felony laws vary from state to state. Felonies are categorized by class which indicates their severity. Overall, any felony is a serious crime which can land you in prison and result in a huge fine. Common felonies are drug possession, selling drugs, stealing a car, assault, or buying or receiving stolen property. Even shoplifting can be a felony depending on the state and how much merchandise was stolen. Driving Under the Influence of Drugs or Alcohol (DUI) or Driving While Impaired (DWI), can be elevated to a felony under certain circumstances including a prior conviction for the same offense, causing bodily injury , or having a high level of intoxication.
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Costly Cocktailing Another reason not to drink and drive: After adding up fines, attorney’s fees and auto insurance cost increases, the average cost of a DUI is about $10,000.
Misdemeanor. A misdemeanor is a less severe crime than a felony but can still result in substantial jail time, fines, community service, probation and a criminal record . There are many different classes of misdemeanors, usually referred to as Class A, B, C or D. Common misdemeanors are petty theft which is stealing something worth less than about $300 (although the amount varies from state to state), public intoxication, trespassing, speeding (in some states), vandalism, such as spray painting public or private property, and reckless driving. Infractions. These are the least serious types of violations. An infraction is a minor offense which is not considered criminal. Typically, it involves a ticket issued by a police officer which requires the payment of a fine . Infractions usually involve little to no time in court and no jail time. Common infractions are traffic tickets, parking tickets, jaywalking, fishing without a license and, in some states, possession of a very small amount of marijuana. However, tickets must be paid! If a ticket or fine isn’t paid, the fine can double or even triple . Unpaid traffic tickets can also result in the suspension of your driver’s license, impounding (seizing) of your car, and an increase in your car insurance rate . If the tickets go unpaid for an extended period of time, you can be arrested for a misdemeanor . PRODUCT PREVIEW Upfront Costs of Committing a Crime Most criminals are short-sighted. The cost of committing a crime almost always exceeds any financial gain achieved by the crime itself. Costs of crime vary from state to state because states treat crimes differently.
Generally, however, there are substantial upfront financial losses: Bail. Bail is cash or a piece of property that has a cash value . A person who has been arrested gives the court the property as security for their promise to show up in court when they are ordered to do so. In exchange, the judge allows them to stay out of jail while they await trial. The amount of bail is based on the severity of charges and a judge’s determination of the person’s reliability. If they show up as required, the court returns the bail after jail time is served. If they do not show up, the bail is forfeited, meaning the court keeps it and the person is re-arrested and placed in jail.
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Cost of Defense Raj Rajaratnam, a billionaire Wall Street trader, spent an estimated $40 million to defend against criminal charges of stock market violations. He lost the case.
THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY 337
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