white-collar crime. the concept of white-collar crime term white-collar crime was coined in the...

White-Collar Crime

The Concept of White-Collar Crime

Term white-collar crime was coined in the 1930’s

By Edwin SutherlandDefined as

“crime committed by a person of respectability and high social status in the course of his occupation.”

The Concept of White-Collar Crime

The U.S. Congress defined white-collar crime as An illegal act or series of

illegal acts committed by non-physical means and by concealment or guile, to obtain money or property, or to obtain business or personal advantage.

More $ stolen and life's lost to white collar

Difference in White Collar Crime?

White Collar: Any Crime committed through deceit by

someone you would assume deserves respect

Occupational crime: Crime committed by individuals in the

course of their employment (Lawyers, Doctors, any occupation creates criminals within that job)

Corporate crime: Criminal activity on behalf of a business

organization

Globalcorp

• Read and answer the questions• Do you agree with these sentences?• What laws should Congress make to

prevent these questionable and illegal business practices?

Law Enforcement Response to Corporate Crime

Corporate crime is monitored and responded to by a variety of criminal, administrative, and regulatory bodies, but very few corporate crooks are ever the recipients of truly meaningful sanctions.

Great wealth does confer a certain degree of immunity from prosecution and/or conviction.

The Enron Scandal: Crooks Cooking Books

The Enron scandal did tremendous damage to the economy, and created a crisis of investor confidence the likes of which hasn’t been seen since the Great Depression.

Took down one of the 5 ‘big’ accounting firms

What they did: Made false entities to hide financial loses Cooked their books

Law Enforcement Response to Corporate Crime

The Sarbanes-Oxley Act requires company CEO’s and chief financial officers to personally vouch for their companies’ financial disclosures, ensuring that such people can no longer assume a stance of plausible deniability.

The White-Collar Crime Penalty Enhancement Act creates new substantive offenses, significantly enhances financial and incarceration penalties, and relaxes some procedural evidentiary requirements for prosecutors.

Summary

Take a look at Globalcorp Pick a White Collar Crime to learn about

White Collar Crimes

• Mail Fraud• Securities Fraud• Insider Trading

– Martha Stewart

• Bank Fraud• Counterfeiting /

Forgery– Catch Me if You

Can

• Insurance Fraud• Investment

Schemes / Ponzi– Madoff

• Tax Evasion– Capone

• Insurance Fraud • Many More

With a partner pick a white collar crime, research and create a brochure

to teach others about it.