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Why did good people do bad things (commit white-collar crimes) - Essay Example
Author : jackelinelynch
Finance & Accounting
Pages 4 (1004 words)
White - collar crime is a monetary-motivated crime that is committed for financial gain without any violence. It is an example of economic crime that is committed by an individual in a high social status or one who occupies a high position in an organisation…
Some of the white collar crimes include misrepresentation of investor information, insider trading, corporate fraud, money laundering and misrepresentation of corporate financial statements (Goldmann 2). Some individuals that have been convicted of white-collar crimes Jeffrey Skilling and Russell Wasendorf. Jeffrey Skilling was a former Enron Chief Executive officer who was convicted of several counts of conspiracy and actual fraud. Russell Wasendorf was the CEO of the bankrupt Peregrine Financial group. Jeffrey Skilling was convicted of making false financial statements, wire fraud and securities fraud and sentenced to 24 years in prison. He was accused of committing a series of frauds that were geared at misleading investors and business analysts (Friedrichs 325). On his part, Russell Wasendorf admitted to stealing millions from about 13,000 investors who had entrusted him with their investment through his Peregrine Financial group. The judge sentenced him to 50 years jail imprisonment depending on the huge financial loss and sophistication of the fraud. Jeffrey Skilling and Russell Wasendorf were both not born criminals. Jeffrey Smilling was born in Pennsylvani and graduated from West Aurora High school. He attained a Bachelor of Science degree at Southern Methodist University in 1975 and after an MBA from Harvard Business School. Jeffrey was smart in class and in his early career since he was the youngest partner at Mckinsey consulting. There is no evidence that shows that Jeffrey Smilling had negative behaviours in his early childhood. ...