Chapter 7: Criminal Law

Question 1

Chapter 7 Bankruptcy

Answer 1

straight bankruptcy that extinguishes or liquidates the debts

Question 2

Making a false statement to a bank

Answer 2

Anyone who knowingly makes a false statement of material fact or overvalues property for the purposes of inducing a bank to take action shall be guilty of this offense. Punishment may be a fine of up to $1,000,000 or imprisonment for up to 30 years

Question 3

Insider Trading

Answer 3

The buying or selling of a security, in breach of a relationship of trust and confidence, while in possession of information that has not yet been made public about the stock. There are two theories regarding insider trading: classical theory and misappropriation theory

Question 4

Classical Theory

Answer 4

Theory of insider trading that imposes liability on corporate insiders who trade on the basis of confidential information obtained by reason of their positions within the business.

Question 5

Misappropriation Theory

Answer 5

Theory of insider trading that imposes liability on “outsiders” who trade on the basis of confidential information obtained by the person possessing such information, usually a person on the inside of the corporation.

Question 6

Money Laundering

Answer 6

A crime involving the concealment of the real source of illegally obtained money by having a third party claim ownership to the currency. A person charged with money laundering does not have to commit the crime which generated the revenue, it is the person who disposes the cash or hides it origination.

Question 7

Bribery

Answer 7

The act of offering something of value to another with the intent of influencing that person’s opinion or to have something done in return by that entity. Ex: Paying police officer to disregard a traffic ticket.

Question 8

White Collar Crime

Answer 8

Illegal acts perpetrated in a business setting. The criminals dress in business shirts, as opposed to blue-collar workers who are engaged in industrial or low paying jobs. Ex: Computer fraud, healthcare fraud, securities fraud, insider trading, counterfeiting, theft of trade secrets, embezzlement, and tax evasion.

Question 9

Conspiracy

Answer 9

An encompassing crime that allows the government to file charges against anyone who has participated in the planning or committing of a crime and to hold each liable for the actions of the other. Page 325 outlines PA’s definition. Conspiracy is a separate crime from the actual offense that is to be committed.

Question 10

Identity Theft

Answer 10

When someone uses the victim’s personal information to obtain a financial advantage such as the misappropriation of a credit card or money from a bank account. Criminals have even assumed the unsuspecting person’s identity to obtain a fraudulent driver’s license or apply for a job. In 1998, Congress enacted the Identity Theft and Assumption Deterrence Act.

Question 11

Retail Theft

Answer 11

When a person carries away or transfers any merchandise offered for sale with the intention of depriving the merchant of such items without paying the retail value for the product. Ex: Altering labels/tags or removal/destruction of tags with the intent of depriving the merchant of the full purchase price.

Question 12

Electronic Fencing

Answer 12

When one uses the Internet to sell property gained through unlawful means and is aware of the unlawful obtainment. A person who unknowingly purchases stolen property over the Internet does not violate this provision.

Question 13

Receiving Stolen Property

Answer 13

Intentionally obtains or disposes of property of another, knowing that it has been stolen, or believing that it has probably been stolen. The person prosecuted is not the original thief. The gov. has the burden of proving each element in this crime

Question 14

Robbery

Answer 14

Consists of all the elements of larceny with one additional requirement- the taking must be accomplished by force or the threat of force

Question 15

Embezzlement

Answer 15

Someone takes ownership of property that has been entrusted to him with the fraudulent intent to deprive the owner of the property. Ex: Bank teller fraudulently changes the deposits so she can take some of the money. THE DIFFERENCE BETWEEN EMBEZZLEMENT AND THEFT: Embezzler is lawfully entrusted with the property. In theft, the person improperly obtains possession. There are no financial boundaries to embezzlement, can be $1-$1,000,000. The punishment ranges from large fines to jail time

Question 16

Larceny

Answer 16

Taking and carrying away of property that belongs to another without the owner’s consent and with the intention of depriving the person/owner of the goods permanently. The offense does not apply to real estate or intangible property. Petit larceny: less than $200. Grand larceny: $200 or more IN THE STATE OF VIRGINIA.

Question 17

Theft Related Crimes

Answer 17

1. Larceny
2. Embezzlement
3. Robbery
4. Receiving Stolen Property
5. Electronic Fencing
6. Retail Theft
7. Identity Theft

Question 18

Criminal Trespass

Answer 18

The unlawful intrusion onto real estate. Crime occurs when a person enters the land of another without permission or with no legal right to be there.

Question 19

Burglary

Answer 19

If a person enters a building or occupied structure with the intent to commit a crime unless the premises are open to the public. Common law definition including time of day as well as the requirement of breaking and entering have been eliminated. Burglary does not require substantive offense to be actually committed- just the intent needs to be present.

Question 20

Crimes are harmful to…

Answer 20

Small commercial establishments, but also costs all types of businesses billions of dollars annually which stops economic growth.

Question 21

Most frequently charged offenses in the U.S?

Answer 21

Non-violent crimes make up 3/4’s of all arrests- Drug trafficking/drug related crime is the single largest category of arrests. 1/4 of arrest that are violent are usually assault and robbery.

Question 22

Crime

Answer 22

An offense against society or the state that violates a penal law and carries a possible punishment of imprisonment. Most crimes are determined by the legislature, or are considered a public wrong.