White Collar Crime: Embezzlement Of Public Funds

“White collar crime is defined as various crimes, as embezzlement, fraud, or stealing office equipment, committed by business or professional people while working. Generally the person accused of a white collar crime is someone of high prestige. White-collar crime is a broad term that

Most people, when they hear the word “crime,” think about street crime or violent crime such as murder, rape, theft, or drugs. However, there is another type of crime that has cost people their life savings, investors’ billions of dollars, and has had significant impacts of multiple lives; it is called white collar crime. The Federal Bureau of Investigation defines white collar crime as

Embezzlement may occur in many different circumstances. Sometimes, it can cost a person to lose millions of dollars to another individual or something as simple as a small, every day product. Embezzlement may be defined by “fraudulent conversion of another 's property or money by a person to whom it has been entrusted.” (4*) For example, if a waitress in a restaurant were to take your order, bring your food, and proceed to collect the payment without punching it into the computer. Instead she chooses to

There are various forms of cash fraud. One of the common schemes is cash larceny. Cash larceny refers to employees intentionally taking away cash from their employer without the employer’s knowledge and consent (Wells, 2014). Employees who have direct access to cash are more likely to commit cash larceny (Wells, 2014). Cash larceny is more likely to occur if there are weak internal controls in an organization. Weak internal controls make it difficult to prevent and detect an occurrence of fraud. This paper seeks to evaluate a recent case of cash larceny by a former employee at Glen Aubrey Fire Company.

In 1939, American sociologist Edwin Sutherland introduced the phrase “white-collar crime”. White-collar crime is a nonviolent crime committed by a business or large corporations. They are usually scams or frauds to gain wealth in society. The people who are guilty of this crime lie, cheat and steal from investors of their company or business. Even though these crimes are non-violent, they have major impacts on the society. Their companies become non existent and families get destroyed. All of their life savings and savings for their children get taken away, and they become bankrupt. Not only does it affect their families, the investors who believed in their business lose millions or even billions of dollars.

White collar and corporate crimes are crimes that many people do not associate with criminal activity. Yet the cost to the country due to corporate and white collar crime far exceeds that of “street” crime and benefit fraud. White collar and corporate crimes refer to crimes that take place within a business or institution and include everything from Tax fraud to health and safety breaches.

Embezzlement usually is a premeditated crime performed methodically, with the embezzler taking precautions to conceal his or her activities of the criminal conversion of the property of another person (Ponzi,2016), because the embezzlement is occurring without the knowledge

White Collar Crimes are those illegal acts which are characterized by deceit, concealment, or violation of trust and which are not dependent upon the application or threat of physical force or violence. Individuals and organizations commit these acts to obtain money, property, or services; to avoid the payment or loss of money or services; or to secure personal or business advantage.

In this day and age, a corporation, family, or individual always has a potential risk of encountering fraud within their money supply. On average, fraud and abuse costs U.S. organizations more than $400 billion annually (Federal Bureau Investigation, 2010). Many may think that white collared crime is only money laundering or stealing, but that is only two out of the sum that countless culprits get away with. The term “white-collar crime,” originally coined in 1939 is synonymous with the full range of frauds committed by business and government professionals (Federal Bureau Investigation, 2010). These frauds include anything from bankruptcy fraud, money laundering, identity theft, corporate fraud to a wide number of threats all circling

In general, embezzlement occurs when someone who is entrusted with another’s property fraudulently steals all, or a portion, of those assets. According to the Legal Information Institute, the misappropriation of funds is the most common form of this white collar crime. For example, a person’s financial manager is supposed to take assets out of a client’s account and

A civil conspiracy, also known as collusion, is an arrangement between two or more parties to deprive a third party of legal rights or deceive a third party to obtain an illegal objective. It is not necessary that all the conspirators be involved in each stage of planning or know about all the details. Forgery is the process of making, adapting, statistics, or imitating objects, or documents with the intent to deceive a seller or the publics opinion. In the case of a bad check, the laws and punishments very widely state by state. Embezzlement is defined in most states as theft and/or larceny of assets by a person in a position of trust or responsibility over those assets. Embezzlement usually occurs in the employment and corporate settings.

White-Collar Crime consists of occupational crime and corporate crime. Occupational crime refers to offences committed against legitimate institutions businesses or government by those with "respectable" social status. It includes the embezzlement of corporate funds, tax evasion, computer crime and expense-account fraud. It is not every day that we hear about white-collar crimes but these non-violent crimes are on the rise to the top. Federal Bureau of Investigation states that USA, for example recorded white collar crimes amounting $300 billion every year (Cornell University, 2010). White-collar crime is relatively a new idea. It has many aspects that are practical for study and further interpretation to clear some of its dark areas. White-Collar Crime was once introduced by Edwin Sutherland in 1939 during his speech in American Sociological Society. The following crimes actually performed are Bribery, Extortion, Insurance, Fraud, Embezzlement, Cybercrime etc. People who participate in these criminal activities are highly powerful and respectful among the society. The following activities include description about White-collar Crime, Investigation of White Collar Crime and The Consequences of committing a White-collar Crime.

What do we think of when we hear the word “crime? Many times we can think of violent crime that is sensationalized on TV or in movies; however, there is another kind of crime. This kind of crime is closely correlated to businesses, executives or professionals. White collar crime may be non-violent but can severely harm its victims.

Quinney (1964), “Because the validity of white collar crime as a form of crime has been a subject of severe controversy, the question of conceptual clarity has largely been ignored. Today, as a result, the meaning of the concept is not always clear” (p208).

• Pressure which is the driving forces behind a fraud committed. It is the circumstances that motivate an individual to commit fraud. There are many reasons that motivate fraud in an organization, but financial pressure is often the most common reason.