This paper would demonstrate the various definitions and forms of white collar crimes, the laws that regulate them and their impact on society as a whole. It should be pointed out that White Collar Crime could be defined as a crime committed by a noble person in a society or a…
within a corporate setting. Next, the crime is free of violence and aggression usually committed for personal benefits such as one’s economic and financial welfare and prosperity. In other words, a white collar crime could be a ‘combination’ of above mentioned factors in various instances. (Hasnas, p. 585, 2005)
It should be highlighted that this crime differs from ‘state criminal law’ in a way that it does not involve physical violence or aggression that may directly damage someone else. Also, it does not about “murders, rape cases, prostitution, abduction, illicit drugs and narcotics” etc. neither it is about violation of another person’s core rights and interests or any other immoral activities. (Hasnas, p. 586, 2005)
Some of the commonly observed examples of White Collar Crimes include cyber crimes (hacking, computer viruses and malwares, credit card fraud, misuse of financial information and bio data), fake bankruptcies, tax evasion through fake financial statements followed by monetary frauds with stakeholders, fake or misleading insurance covers, “antitrust law violations, healthcare issues, phone and telemarketing scams”, business and “environmental law violations, federal mail fraud, public corruption and embezzlements”, forwarding business secrets of an entity, common stock and security frauds with stockholders, “insider trading, bribery, counterfeiting, money laundering and economic spying”. (Conklin, 2007) and (Internet: Hg.com)
The white collar criminal law primarily considers ‘federal mail fraud statute’ that emphasizes the fact that a person is involved in dishonest and immoral behavior when one intentionally or deliberately involved in violating code of conduct and organizational rules and regulations. In more simple words, it takes into account the fact that a person is dishonest or deceptive if does not provide services he or she has promised for in ...
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(WHITE COLLAR CRIME Essay Example | Topics and Well Written Essays - 500 Words)
“WHITE COLLAR CRIME Essay Example | Topics and Well Written Essays - 500 Words”, n.d. https://studentshare.net/miscellaneous/406480-white-collar-crime.
Ponzi Schemes. Ponzi schemes are investment schemes not supported by an underlying business. It is one of the several schemes considered as a white collar crime. In the Ponzi scheme, investors are enticed with bogus investments that supposedly promise from moderate to very high returns at zero or low risks for investors.
Since then, the term white collar crime has been introduced which has now “become an established part of the vernacular of criminology” (Schlegel & Weisburd, 1994, p.3) and since then it has been a hot topic of debate as well. What is white collar crime?
Such crimes include and not limited to corruption, identity theft, tax evasion and embezzlement among others such as money laundering (Simon & Eitzen, 2000). This paper is a critical evaluation of white collar crimes as compared to conventional crimes.
They are looked up to and are least expected to become involved in criminal dealings. More often than not, the crime is committed by businesses and institutions, if not smaller groups or individuals within them. These people work legitimately for a business or institution, yet they commit crimes by making illegal use of their business practices.
In 1970s it expanded very rapidly pursuing asset growth seeking high net deposits. Within a short span, by the end of 1976, BCCI expanded into 108 branched worldwide with asset rising from $200 million to $1.6 billion. Its steep growth helped to attain a journey of asst of $4 billion within 8 years spreading in 46 countries Kerry, S & Brown, S (1992).
Sutherland, in his speech, asserted the fact that when people are surrounding by individuals who have criminal behavior, they are more likely to get involved in criminal activities. White collar crime more often includes crimes like occupational fraud and cheating, and more
Some common types of white-collar crimes include embezzlement, bankruptcy fraud, corruption, black mailing, bribery, counterfeiting, pension fund crime, charity fund crime, financial crimes and occupational crimes. White-collar crimes are not violent, but their
A clear understanding is drawn from systematic review of various primary sources.
Edwin Sutherland first analyzed white-collar crime in 1939 where he analyzed an understanding of the relationship of business and crime. However, white-collar crime is criticized for