White-Collar Crime. The Concept of White-Collar Crime Term white-collar crime was coined in the...
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Transcript of White-Collar Crime. The Concept of White-Collar Crime Term white-collar crime was coined in the...
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White-Collar Crime
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The Concept of White-Collar Crime
Term white-collar crime was coined in the 1930’s
By Edwin SutherlandDefined as
“crime committed by a person of respectability and high social status in the course of his occupation.”
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The Concept of White-Collar Crime
The U.S. Congress defined white-collar crime as An illegal act or series of
illegal acts committed by non-physical means and by concealment or guile, to obtain money or property, or to obtain business or personal advantage.
More $ stolen and life's lost to white collar
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Difference in White Collar Crime?
White Collar: Any Crime committed through deceit by
someone you would assume deserves respect
Occupational crime: Crime committed by individuals in the
course of their employment (Lawyers, Doctors, any occupation creates criminals within that job)
Corporate crime: Criminal activity on behalf of a business
organization
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Globalcorp
• Read and answer the questions• Do you agree with these sentences?• What laws should Congress make to
prevent these questionable and illegal business practices?
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Law Enforcement Response to Corporate Crime
Corporate crime is monitored and responded to by a variety of criminal, administrative, and regulatory bodies, but very few corporate crooks are ever the recipients of truly meaningful sanctions.
Great wealth does confer a certain degree of immunity from prosecution and/or conviction.
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The Enron Scandal: Crooks Cooking Books
The Enron scandal did tremendous damage to the economy, and created a crisis of investor confidence the likes of which hasn’t been seen since the Great Depression.
Took down one of the 5 ‘big’ accounting firms
What they did: Made false entities to hide financial loses Cooked their books
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Law Enforcement Response to Corporate Crime
The Sarbanes-Oxley Act requires company CEO’s and chief financial officers to personally vouch for their companies’ financial disclosures, ensuring that such people can no longer assume a stance of plausible deniability.
The White-Collar Crime Penalty Enhancement Act creates new substantive offenses, significantly enhances financial and incarceration penalties, and relaxes some procedural evidentiary requirements for prosecutors.
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Summary
Take a look at Globalcorp Pick a White Collar Crime to learn about
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White Collar Crimes
• Mail Fraud• Securities Fraud• Insider Trading
– Martha Stewart
• Bank Fraud• Counterfeiting /
Forgery– Catch Me if You
Can
• Insurance Fraud• Investment
Schemes / Ponzi– Madoff
• Tax Evasion– Capone
• Insurance Fraud • Many More
With a partner pick a white collar crime, research and create a brochure
to teach others about it.