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The Definition of White Collar Crime

A white-collar crime, sounds weird, doesn’t it? We can define it as a nonviolent crime specially committed for financial gain. Embezzlement, securities fraud, money laundering, corporate fraud are typical examples of white-collar crime. Such law violations are normally investigated by the FBI, the National Association of Securities Dealers, the Securities and Exchange Commission. Some high-profile individuals convicted of this type of crime include Bernard Madoff, Kenneth Lay and Bernard Ebbers.

A white-collar crime got its name from the types of folks, typically committing financial fraud. So, we’re talking about various fund managers, business managers, executives and so on. Anyone might face prison time as well as steep fines when convicted of this crime. The federal government might suffer financial losses from banks and corporations, committing white-collar crime on the institution-wide level.

One of the most prominent white-collar personalities is Bernard Madoff, convicted in 2009 of an enormous fraud, costing investors $65 billion. He was sentenced to up to 150 years in prison. For many years, this quick-witted guy employed funds from new investors just to pay previous investors. Sure, he stood away from investing the funds. His fraud scheme got disclosed when a great number of clients demanded their money back. As you might have already guessed he couldn’t pay them.

Corporate white-collar crimes normally involve a large-scale fraud conducted throughout the institution. For example, in 2014, Credit Suisse pleaded guilty for helping American citizens to avoid paying taxes by simply hiding income from the Internal Revenue Service. The given financial institution agreed to pay penalties of about $2.6 billion.

Apart from that in 2014, Bank of America officially acknowledged its sell of billions in mortgage-backed securities tied to properties with inflated values. The given loans, that didn’t come with proper collateral, appeared to be among the types of financial misdeeds, leading to the financial meltdown of 2008. The financial institution agreed to pay up to $16.65 billion in damages and also admit to its wrongdoing.

The vast majority of states boast specialized agencies, investigating white-collar crimes, limited to one state as well as federal agencies, dealing with financial frauds, spanning multiple states.

A white-collar crime, sounds weird, doesn’t it? We can define it as a nonviolent crime specially committed for financial gain. Embezzlement, securities fraud, money laundering, corporate fraud are typical examples of white-collar crime. Such law violations are normally investigated by the FBI, the National Association of Securities Dealers, the Securities and Exchange Commission.

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Assignment ID
100000806
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CREATED ON
July 23, 2016
COMPLETED ON
July 24, 2016
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$7
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