2 The 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.”
3 The 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
4 Difference 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
5 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?
6 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.
7 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 firmsWhat they did:Made false entities to hide financial losesCooked their books
8 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.
9 Summary Take a look at Globalcorp Pick a White Collar Crime to learn about
10 White 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.