2The Concept of White-Collar Crime Term white-collar crime was coined in the 1930’sBy Edwin SutherlandDefined as“crime committed by a person of respectability and high social status in the course of his occupation.”
3The Concept of White-Collar Crime The U.S. Congress defined white-collar crime asAn 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
4Difference in White Collar Crime? Any Crime committed through deceit by someone you would assume deserves respectOccupational 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
5Globalcorp Read and answer the questions Do you agree with these sentences?What laws should Congress make to prevent these questionable and illegal business practices?
6Law 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.
7The 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 firmsWhat they did:Made false entities to hide financial losesCooked their books
8Law 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.
9Summary Take a look at Globalcorp Pick a White Collar Crime to learn about
10White Collar CrimesMail FraudSecurities FraudInsider TradingMartha StewartBank FraudCounterfeiting / ForgeryCatch Me if You CanInsurance FraudInvestment Schemes / PonziMadoffTax EvasionCaponeMany MoreWith a partner pick a white collar crime, research and create a brochure to teach others about it.