White Collar Crime - 1407 Words

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. â€Å"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 dollarsShow MoreRelatedWhite Collar Crime1488 Words   |  6 PagesWelcome to the age of white collar crime. A time when the words thieves and businessmen go hand in hand. White collar criminals dont get their hands dirty in their work. They use their heads to get what they want instead of using a little muscle. These criminals are just as dangerous as the rapists and murderers. In these times, even the most seemingly respectable people are suspected of white collar crimes. President Clinton and the first lady Hillary Clinton have been tangled up in the WhitewaterRead MoreThe And White Collar Crime897 Words   |  4 Pages1. Literature Review Crimes have been occurring in our society for many years and recently the occurrence of non-violent crimes has increased dramatically. Traditional and white collar crimes have two traits in common, an objective and a modus operandi, but the major difference is that a white collar criminal has a plan and also the ability, knowledge and technology to execute it (Nevis, 2012). White-collar crimes can occur at any occupational level and affects all parts of society, from big businessesRead MoreWhite Collar Crimes And Street Crimes1431 Words   |  6 PagesCrimes are one of the many things that all humans have in common. Whether it be a serious crime or not, everyone can commit a crime and go to jail for it. There are two types of crime that can be considered complete opposites of each other. They are white collar crimes and street crimes. White collar crimes are considered nonviolent crimes committed by a person of respectability and high social status in the course of his/her occupation such as fraud, embezzlement, or bribery. On the other hand,Read MoreBlack Collar Crimes And White Collar Crime1956 Words   |  8 Pagesexplaining what white collar crime in its introduction. The paper will then explain the distinct types of white collar crimes, after that different case study’s will be presented from the book to give examples of the diverse types of white collar crimes. After that the paper will talk about the diverse ways to combat white collar crimes while also going over the challenges law enforcement face when fighting white collar crime. Finally, the author will give his conclusion on white collar crime. Read MoreWhite Collar Crimes And Street Crimes1083 Words   |  5 PagesWhite-collar crimes are just as prevalent today as ordinary street crimes. Studies show that criminal acts committed by white-collar criminals continue to increase due to unforeseen opportunities presented in the corporate world, but these crimes are often overlooked or minimally publicized in reference to criminal acts on the street. Many street crimes are viewed as unnecessary, horrendous crimes because they are committed by lower class citizens, whereas white collar crimes are illegal acts committedRead MoreWhite Collar Crime2498 Words   |  10 Pagesdefinition of white collar and white collar crime * Various types of white collar crime B. Thesis statement: There are 3 causes of white collar and 5 way to combat with white collar crime. II. The cause of white collar crime is opportunities to commit crime. A. The loophole of the law and security B. An individual well known the operation of a company, the chances to commit fraud is higher. III. Second causes of white collar crime are workersRead MoreWhite Collar Crime And Corporate Crime1158 Words   |  5 PagesWhite-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 recordedRead MorePunishment For White Collar Crimes Essay1533 Words   |  7 Pagesdoors† (Smith and Howat 109). White-collar crimes are explained in â€Å"White-collar crime† as, price fixing, false advertisement, and wiring and tampering with accounts belonging to anyone other than, in this case, the criminal (Levenson). With the advancements in techno logy and increase in satellite towers breaching financial accounts or even obtaining financial information has become effortless. Criminals commit the crime to improve their social status. These crimes do not include physically harmedRead MoreBlack Collar Crime : White Collar1828 Words   |  8 PagesIntroduction: Sometimes known as the ‘victimless’ crime, White Collar Crime includes crimes such as fraud, embezzlement and, more often than not, results in the criminal profiting money-wise which is one of the biggest lures into White Collar Crime (WCC). WCC, has become more and more easier and accessible as businesses move closer towards technology and further away from paper documents which makes it easier to commit WCC as, if you knew what you were doing, you could cover your tracks easier thanRead MoreThe Age Of White Collar Crime1463 Words   |  6 PagesWelcome to the age of white collar crime. A time when the words thieves and businessmen go hand in hand. White collar criminals don’t get their hands dirty in their work. They use their heads to get what they want instead of using a little muscle. These criminals are just as dangerous as the rapists and murderers. In these times, even the most seemingly respectable people are suspected of white collar crimes. President Clinton and the first lady Hillary Clinton have been tangled up in the Whitewater