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White-collar Crime InformationWhat is white-collar crime? “White-collar crime” is a term coined more than sixty years ago that has come to encompass a variety of nonviolent crimes committed for the financial benefit of the perpetrator. Edwin H. Sutherland, the term’s originator, only intended it to apply to criminals of high socioeconomic status, such as corporate executives who commit fraud. However, some organizations have expanded the term to include all crimes in which money or property is obtained through deceit. This would include common street crimes and confidence schemes. White-collar crime can result in penalties of imprisonment and reimbursement of illegally gained monies. The white-collar crimes that have received the most attention in recent years have taken place on Wall Street. Corporate executives, their companies, and other financial institutions have concocted sophisticated plans to separate investors from their money. Executives have used their company positions to leverage personal loans and deals. Accountants have taken part in rampant falsifications of records. And investment banking firms have promoted the dependability of such corrupt companies in return for kickbacks. What are the different types of white-collar crime? White-collar crimes include: · Antitrust violations – Acts that illegally diminish competition in the market · Bankruptcy fraud – Deception during bankruptcy proceedings · Bribery – Illegally influencing actions with money, goods, or services · Counterfeiting – Creating fake money or other brand name goods · Credit card fraud – Charging money to another’s credit account · Economic espionage – The theft of proprietary financial information (trade secrets) · Embezzlement – Accepting money under false pretenses, then using it for personal gain · Environmental law violations – Polluting the environment with toxic substances · Financial fraud – Manipulation of institutions that are controlled or insured by the United States government · Government fraud – Illegal manipulation of contracts with the government · Healthcare fraud – Usually unjust or unfaithful billing, such as for inferior services or services not rendered · Insider trading – Using privileged information for financial benefit in the stock market, despite knowledge of its detriment to others involved · Insurance fraud – Can be committed through various acts by applicants, policy holders, and insurance company representatives · Kickbacks – Money paid in return for services rendered in a case of collusion · Money laundering – The funneling of illegally-gained funds through various financial moves to make them appear legitimate · Public corruption – Occurs when a public official executes his office in bad faith to the public (takes a bribe, etc.) · Securities fraud – Includes a variety of trading violations, including wire fraud · Tax evasion – Filing false tax returns or failing to file them altogether Other forms of fraud include telephone/telemarketing fraud, mail fraud, and computer fraud. |