White-Collar Crime Essay

1057 Words 5 Pages
Today, worldwide, there are several thousands of crimes being committed. Some don’t necessarily require a lethal weapon but are associated with various types of sophisticated fraud, this also known as a white-collar crime. These crimes involve a few different methods that take place within a business setting. While ethical business practices add money to the bottom line, unethical practices are ultimately leading to business failure and impacting the U.S. financially.
The forms of bribery and embezzlement have been around longer than dirt. The earliest white-collar crime, that was documented, dates back to the 15th century in England. The law was forced upon society in 1473 in response to embezzlement, or also recognized as the Carrier’s
…show more content…
It wasn’t long until nations across the world recognized this act and instituted laws as well. For instance, Poland passed anti-money-laundering legislation among others (“The Evolution of White-Collar Crime”).
High-profile white-collar crime has a few complicated financial terms and violations. The first is insider trading, which is referring to buying or selling a company’s stock while knowing or possessing non-public information. For instance if the employee was to tell a friend important company information and the friend trades that corporations stock, both will be indicted. The next is securities fraud, which involves deceit of a company’s performance. This dishonesty manipulates the market, which results in people making bad investments. The third violation is antitrust, which is also considered as monopoly values. For example, abusing the power of price fixing, or artificially raising prices beyond competitive market values. The last crime is bribery; quid pro quo plays a huge role in this specific violation. For instance, where someone gives a gift or does something to please upper management in exchange for a favorable act (“High-profile White-Collar Crime”).
While the criminal commits these crimes, they seem to forget the ripple effect that this can cause in a business and society. They think they’re cheating the business out of money and have a worry free future lying right…