Chapter 6

Question 1

White collar crime

Answer 1

refers to crime committed by societal elites aka rich people and corporations/ professionals (doctors &lawyers or accountants or professors)

Question 2

what are the three categories of white collar

Answer 2

corporate, professional and political

Question 3

who came up with white collar crime

Answer 3

ewdin sutherland

Question 4

uniform crime report does what

Answer 4

reports and index crimes

Question 5

true/ false the study of white collar crime is overdone

Answer 5

false

Question 6

embezzlement

Answer 6

the unlawful misappropriation for personal use money or property.

a theft in violation of trust
an embezzler is in a fiduciary relationship with a victim

Question 7

what are examples of fiduciary

Answer 7

employees, legal guardian, trustees, financial investment professionals, financial advisors, lawyers

Question 8

cressey study on embezzlement 1954

Answer 8

other peoples money
based on 133 interviews with convicted embezzlers
produced process and patterns -

Question 9

what is the process and pattern in cressey’s study

Answer 9

-financial problem could not be solved legitmatielty
-embezzlement provides opportunity to save problem
-they justify based on naturalization techquines - drift theory juveniles delinquency

Question 10

drift theory of juvenile delinquency

Answer 10

I’ll pay it back they won’t miss it
they deserve it

Question 11

2012 embezzlement study

Answer 11

528 cases convicted of stealing 100,000
avg loss= 1.4 million
length of time = 4.4 years
60% were female
87% were individuals
total losses were 737 million

Question 12

changes to embezzlement

Answer 12

1. committed through computer/ distal means
2. more difficult to detect and apprehend (physical is easier)
3. narrowed the pool of potential embezzlers
4. increased potential amounts of money to be stolen

Question 13

define money laundering

Answer 13

the act of concealing the source of assets that have been illegally obtained. (drugs traffickers, embezzlers. mobsters and fraudsters

spending proceeds from illegal activity connect to the illegal act.

Question 14

process of money laundering

Answer 14

placement - insert or deposit dirty money into a legit financial institution (less than 10,000) Smurfs

layering- sending money through various finical transactions to make it difficult to follow (shell game)(bank to bank transfers) (new accounts) (buy things)

integration- the money re-enters the main stream economy. bank to bank transfer/ off shore accounts/ front businesses

Question 15

how do we track digital transactions

Answer 15

fed wire
chips

Question 16

what is fed wire

Answer 16

electronic payments of the us federal reserve bank
250,000 transactions per day by a private banking

Question 17

Chips

Answer 17

electronic network created by a private baking system

Question 18

bank security of 1970

Answer 18

requires banks to record and investigate any transactions greater than or equal to 10,000 cash

Question 19

1986 money laundering act

Answer 19

requires banks to report any suspicious transactions

Question 20

FINCEN

Answer 20

financial crimes enforcement network
part of the us department of treasury
works with FBI
sub bureau of dept of treasury that works with fbi