White Collar and Organized Crime Flashcards
What is White Collar Crime
Violations of the criminal law committed by persons of respectability and high social status in the course of their occupation.
What is the chief criterion for a crime to be a crime
It occurs as part of, or a deviation from, the violator’s occupational role.
Are White Collar crime far less likely to be investigated, arrested, or prosecuted than other types of offenders
True
Occupational Crime can be described as
Any act punishable by law that is committed through opportunity created in the course of an occupation which is legal.
Occupational Crime includes
Job-related violations of both white and blue collar workers
What is the cost of White Collar Crime per year
300 Billion Dollars/ Yr
Is corporate crime is a form of organized crime
Yes
Corporate Crime
” A violation of a criminal statue either by a corporate entity or by its executives, employees, or agents acting on behalf of and for the benefit of the corporation, partnership, or other form of business entity”
(PRIOR KNOWLEDGE: CAR DEFECTS, PRICE FIXING, AND INSIDER TRADING SECRETS)
(CIVIL AND CRIMINAL PENALTIES)
NY Central and Hudson River Railroad Co. V. United States
Supreme Court ruled that criminal acts and intentions of a company’s employees can extend to the company itself.
Corporate Fraud
Misuse of corporate property for personal gain
Securities and Commodities Fraud
Crimes such as stock-market manipulation and Ponzi schemes
Health Care Fraud
Fraudulent billings to health care programs
Mortgage Fraud
Fraud involving sub prime mortgage-lending companies
Insurance Fraud
Fraudulent Insurance claims
Mass Marketing Fraud
Any fraud connected with communications media
Environmental Crimes are
Violation of the criminal law that, although typically committed by business or business official, may also be committed by other individuals or organizational entities and that damage some protected or otherwise significant aspect of natural environment.
(INTENTIONAL OR NEGLIGENT POLLUTION: EXXON AND BP OIL SPILL)
11* Terrorism and White Collar Crime
Terrorist activities frequently involve some form of white collar crime because terrorist need money for daily living expenses.
Edwin Sutherland stated that
“White collar crime is learned direct and indirect association with those who already practice the behavior”
Culture Conflict Theory
Sociological perspective on crime that suggests that the root cause of criminality can be found in clash of values between variously socialized groups over what is acceptable or proper behavior
What are some reasons of White-Collar crimes often difficult to investigate and prosecute for a number of reasons
1) White-Collar criminals are better educated
2) White Collar criminals are better able to conceal their offenses
3) Often the evidence involved is only understandable to financial or legal experts and can be difficult for jurors to understand
4) Business executives are often able to hire excellent defense attorneys
Corporate Fraud Task Force
A U.S department of justice organization created by George W. Bush to investigate corporate fraud.
The Corporate Fraud Task Force
Has been superseded by the Obama’s administration Financial Fraud Enforcement Task Force.
Financial Fraud Enforcement Task Force
An organization created by Obama administration to combat financial fraud
Sarbanes- Oxley Act
A federal law that stiff penalties for corporate wrongdoings.
-Has been called the most far reaching reform of U.S business practices.-
