White Collar Crime

1407 WordsFeb 10, 20126 Pages
White Collar Crime White collar crime is prevalent and brought to our attention more and more by the media since the mid to late 1990s. With the downfall of companies such as Enron, Tyco Toys and WorldCom MCI white collar criminals are facing lengthy prison sentences. Greed and personal vendettas are what have led our country to understand and gain more knowledge about these corporations and the corrupt CEOs that have brought them to their demise. “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…show more content…
Rigas. (Cho) Most notably was the Tyco International scandal which happened in 2002, during which the SEC filed fraud charges against the CEO of Tyco, Dennis Kozslowski. Andrew Fastow, former chief financial officer and Jeffery Skilling former chief executive officer of Enron both received lengthy sentences. Andrew Fastow worked as chief financial officer from 1998 through 2001 and was indicted on 98 charges of conspiracy, fraud, money laundering and other counts. Fastow plead guilty in 2004 to two conspiracy counts and cooperated fully with prosecutors. Fastow is currently serving six years in prison and will serve two years of full-time community service once released. Jeffery Skilling, worked as chief executive officer in 2001, was convicted of 18 counts of fraud and conspiracy and one count of insider trading. Skilling is serving twenty-four years in federal prison. (Fraud) Bernie Ebbers, former chief executive officer of WorldCom/MCI, was convicted on nine counts of fraud, relating to the accounting functions of the company. Ebbers is currently serving twenty-five years in federal prison. John Rigas chief executive officer and founder of Adelphia Communications and his son Timothy J. Rigas, served as the chief financial officer. John Rigas was convicted in 2004 of looting hundreds of millions of dollars
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