White collar and corporate crime

There was a time when white collar was not actually considered because of laws being particularly targeted for violent crimes. Nevertheless, times have changed for a better outcome dealing with white-collar crime. Even recent years have shown results. As stated by the FBI (2010-2011) During FY 2011, cases pursued by the FBI resulted in 242 indictments/information and 241 convictions of corporate criminals. Numerous cases are pending plea agreements and trials. During FY 2011, the FBI secured $2.4 billion in restitution orders and $16.1 million in fines from corporate criminals. So it is a newly developed crime

The following case is one of the most famous white-collar crime cases known to date. Enron Corporation was an American energy company based out of Houston, Texas. Kenneth Lay formed Enron in 1985 after a huge merger. Over time Enron’s Chief Financial Officer (CFO) and other corporate executives misled auditors and the board of directors in major financial transactions. Thus, $11 million dollars was lost by shareholders after Enron’s stocks dramatically fell in the end of 2001. Enron was then bankrupt. In this case, many Enron executives were sentenced to prison, a rare punishment for white-collar crime. As a result of this incident, the Sarbanes- Oxley Act was enacted. This act ensured that there would be

Additionally, the Gesualdi also mention various crimes that are covered under the ambit of white collar crimes. They include fraudulent activities at the workplace, dealing in unsafe products, lack of provision of safe working conditions and corruption (Gesualdi 41).

The question before our society is not whether corporate crime is a victimless crime, rather the question is what should be done about it? Corporate crime doesn’t just do harm to the investors that can be unknowingly damaged by these crimes, it has a much more insidious nature to it as it has done harm on global scales. Corporate crime is almost a misnomer because many of these criminal wrongdoings are for the most part legal, when not taken to their ultimate conclusion. Society within the United States has been taught that the man in the brief case, yelling at other men in dark coats on the flow of the stock exchange are the smartest guys in the room. This paper will attack that idea on many levels, the first salvo will be

When I say white collar crime a few ideas usually will fill the average persons head. Many will immediately think of Bernie Madoff. This scumbag ran a ponzie scheme spanning multiple decades and made over 60 billion dollars in the process. He was eventually caught and thankfully is spending the rest of his natural born life in prison. Someone might also think of Martha Stewart. Martha, to the surprise of her fans, was much more than that loveable women on the home shopping network or the cooking channel. Martha was caught committing an act called insider trading. According to (The U.S. Securities and Exchange Commission), insider trading is when an individual has knowledge not known to the public about what is going to occur within a company

1. Why do state and local governments refuse to give out the numbers of Law Enforcement killings. Why are some crimes reported to the National Crime Report and some are not. White collar crime is not considered a safety threat to the public. Parenti states that 60% of the 582 companies in the United States have been guilty of tax evasion, fraud, violation of labor codes and workplace safety. How can these companies be held responsible and held at the same standards at the blue collar worker.

It seems as though the government is taking small steps in the right direction. However, I feel that more needs to be done especially because some of these companies are funding and supplying potential terrorists. That is just outrageous and shows the extent of what people will do to make money. This is difficult to control and monitor but more steps need to be made. Hopefully the politicians and others of the future will recognize this ever-growing problem and solve it for the companies to

A white-collar crime by definition is a crime that is committed by individuals of higher status. It is not necessarily a violent crime, but could be depending on the situation. An individual who works in a professional environment, such as the government or corporation tend to take advantage of employees and manipulate them into thinking their practices are legitimate. Some examples, of white-collar crimes include fraud, embezzlement, insider trading, and other various crimes. However, individuals who involve them selves in drugs or stealing someone’s personal possessions commit street crime. For example, it tends to be violent depending on the situation and it usually happens in a public place or

The case of white-collar crime I chose to educate myself on was the Enron scandal. The Enron corporation was an energy and services company in Houston, Texas. In just fifteen years, Enron became the seventh largest company in the world. They were one of the worlds largest electricity and natural gas companies. According to CNN, in 2000, the company claimed to have made around 111 billion dollars in revenue. During that time, a single share was going for $90.75.

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

Whatever the reason for the triple standard between punishing people crime, punishing corporate crime, and punishing government crime, we should start by asking if the U.S. government really cares about non-violent crime. Even though we have very strict regulations on everything from money laundering to banking transparency, banks like Standard Chartered and Barclays have took hits for corporate crimes. Bribery allegations, fines and settlements have hurt businesses such as Siemens, KBR, and Alcatel-Lucent.

In the Encyclopaedia of White-Collar Crime, co-authors Jurg Gerber and Eric. L Jensen define corporate crime as “violations of federal or state laws that are committed by employees on behalf of the company rather than simply for their own gain.” The definition and classification of what falls under a corporate crime is highly problematic in that corporations can afford defence lawyers that can find loopholes in the legislation in order to avoid charges. Even more perplexing, is that “corporations define the laws under which they live” according to Russell Mokhiber report’s Top 100 Corporate Criminals of the Decade (1996) published in the Corporate Crime Reporter. Mokhiber introduces the example that “the automobile industry... has worked its will on Congress to block legislation that would impose criminal sanctions on knowing and wilful

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.

In this paper the exciting criminal phenomenon known as white-collar crime will be discussed. Corporate Crime and Computer Crime will be discussed in detail. Crime preventative agencies such as the NCPC (National Crime Prevention Council) will also be researched. White Collar Crime The late Professor Edwin Sutherland coined the term white-collar crime about 1941. Sutherland defined white-collar crime as "a crime committed by a person of respectability and high social status in the course of his occupation" (Siegel 337) White-collar crime includes, by way of example, such acts as promulgating false or misleading advertising, illegal exploitation of employees, mislabeling of goods, violation of weights and measures statutes, conspiring to

Since corporations are not physical things or people, it is very easy for them to avoid any kind of trouble. Corporations have become great at passing on their externalities to the public. An externality is an expense of any kind, whether it is something such as environmental damage or forcing people in an area to pay money for something, that a corporation forces the public to pay for while they privatize all profits. Corporations being externalizing machines fit in very well with their psychopathic behavior. They externalize any cost to the public because they can and it helps them achieve their goal of making as much money as possible. A quote from Robert Monks puts it very well, he says “The corporation is an externalizing machine