What is a White-Collar Crime?

What is a White-Collar Crime?

White-collar crime is a nonviolent crime committed for financial gain. According to the FBI, a key agency that investigates these offenses, “these crimes are characterized by deceit, concealment, or violation of trust.” The motivation for these crimes is “to obtain or avoid losing money, property, or services or to secure a personal or business advantage.”

What are 5 white-collar crimes?

The FBI’s white-collar crime work integrates the analysis of intelligence with its investigations of criminal activities such as public corruption, money laundering, corporate fraud, securities and commodities fraud, mortgage fraud, financial institution fraud, bank fraud and embezzlement, fraud against the government, …

What is the most common white-collar crime?

There are many types of white collar crimes, but the following are the most common:

  • Corporate Fraud. …
  • Embezzlement. …
  • Ponzi Schemes. …
  • Extortion. …
  • Bankruptcy Fraud.

What is the concept of white-collar crime?

White-collar crime is a crime committed for financial gain and consequently non-violent. The main purpose of these crimes is to obtain money, property, avoid losing existing property, or gain a personal or commercial advantage.

What is a black collar crime?

Though not officially confirmed in criminology studies, the term black-collar crime has been used to refer to priests who commit crimes. Often times, these crimes are subsequently covered by the Church.

Who usually commits white-collar crimes?

Who commits white-collar crimes? Most are white men with at least some higher education, from middle-class backgrounds. They are in their late 30s to 40s, employed, usually married, with religious and community affiliations. Most have engaged in less serious criminal activity in the past.

Why do white-collar criminals get lighter sentences?

Because white collar crime sentences are calculated based on how much money was involved, the number of people involved, and the severity of the crime, people who have not committed a major white collar crime receive lighter sentences than those who have.

Why are white-collar crimes handled differently?

In general, white collar criminals are treated differently, but the different treatment is aimed at ensuring fairness. White collar criminals are not going to be designated to a facility housing perpetrators of violent crimes.

How serious is white-collar crime?

Most experts agree that the economic impact of white-collar crime is far more costly than ordinary crime. White-collar crime can endanger employees through unsafe working conditions, injure consumers because of dangerous products, and cause pollution problems for a community.

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What is red collar crime?

Red collar crime is a subgroup of white collar crime in which the perpetrator uses violence to avoid detection or prosecution.

Was Enron a white-collar crime?

More than 3,000 boxes of evidence and more than four terabytes of digitized data were collected by agents in the weeks after Enron declared bankruptcy Dec. 2, 2001. The collapse of energy company in December 2001 precipitated what would become the most complex white-collar crime investigation in the FBI’s history.

What cases does the FBI handle?

The FBI has divided its investigations into a number of programs, such as domestic and international terrorism, foreign counterintelligence, cyber crime, public corruption, civil rights, organized crime/drugs, white-collar crime, violent crimes and major offenders, and applicant matters.

How are white-collar crimes punished?

The penalties for white-collar offenses include fines, home detention, community confinement, paying the cost of prosecution, forfeitures, restitution, supervised release, and imprisonment. Federal Sentencing Guidelines suggest longer prison sentence whenever at least one victim suffered substantial financial harm.

What are the two types of white-collar crimes?

White-collar crime is commonly subdivided into two broad, general categories:

  • Individual crimes. Individual crimes are financial crimes committed by an individual or a group of individuals. …
  • Corporate crimes. Some white-collar crime occurs on a corporate level.

How are white-collar crimes investigated?

In the US, it is investigated by the FBI, the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Financial Industry Regulatory Authority, Internal Revenue Service, Department of Labor, Federal Energy Regulatory Commission, the U.S. Postal Inspection Service and other regulatory and/ …

What does gold collar mean?

Gold collar workers have traditionally been classified as white collar. These individuals are highly-skilled and in high-demand. Surgeons, engineers, anesthesiologists, lawyers, and airline pilots are all examples of gold collar workers.

What is a green collar crime?

Green-collar crime is a crime committed against nature. This term can refer to actual crime, in the sense that the act is illegal by the country’s law, or a moral crime that may not be illegal.

What are red collar jobs?

Red-Collar Worker Government workers of all types and farmers. Derived from compensation received from red ink budget. Also in China, refers to Communist Party officials in private companies. Open-Collar Worker is a worker who works from home, especially via the internet.

Is white-collar crime always illegal?

White-collar crimes are not a legally recognized category of offenses, but crimes involving allegations of fraud, deceit or theft often carry that label. Many federal offenses are considered white-collar crimes.

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How aware are the public of white-collar crime?

Public awareness of and concern about white collar crime have surged, particularly in response to toxic dumping, insider trading, political influence peddling, and fraudulent practices in the legal and medical professions.

Are white-collar crimes illegal?

White collar crime refers to non-violent, illegal activities that are committed by individuals, businesses and even government organizations for financial or personal gain. … The Commerce Clause of the United States Constitution authorizes the federal government to regulate and prosecute white collar crime perpetrators.

Is Canada too soft on white-collar crime?

Its overall crime rate may be low, but Canada is not lagging behind with its white collar crime professionals, neither in terms of their skills nor the financial damage they cause. A survey from PricewaterhouseCoopers reports that more than half of the companies in Canada report being victims of fraud.

Where do white-collar criminals serve time?

Most white-collar crimes are federal offenses thus most white-collar criminals are sent to federal prisons. According to the Federal Bureau of Prisons (BOP), inmates are only allowed up to 300 minutes of call time per month.

Which is worse white-collar crime or blue collar crime?

Blue-collar crime is often easier for the public to understand, as well. White-collar crimes tend to be more complex and difficult to unravel, understand and penalize. Even those victimized by white-collar crime may have a hard time understanding the crime and the extent of its damage.

Why does white-collar crime go unreported criminology?

According to Sutherland, a typical white collar crime, such as tax evasion, is committed by a doctor or a lawyer. 2. Reasons for the unreporting/unrecording of WCC can be seen as a problem with companies who try to deal with it themselves, as they are simply embarrased of the crime.

Is white-collar crime harmful to society?

White collar crimes are more severe to society than any ordinary crime because in these crimes, financial losses are much higher and the damage is to public morals. It is also known as Socio-economic crimes because it impacts adversely directly on society.

How much does white-collar crime cost the UK?

White collar crime is not victimless. It affects all parts of society, from big businesses to vulnerable individuals. Fraud costs the UK economy 73 billion a year, according to the Home Office’s National Fraud Authority I I.

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What is the effect of white-collar crimes on society?

White collar crimes are the crimes which cause a harm to the economy of the country as a whole. It threatens the country’s economy by bank frauds, economic thefts, evasion of tax etc. It not only affects the financial status of a country or a person but It has also a negative impact on the society.

What is gray collar crime?

Gray Collar Crimes is a contemporary crime thriller set in the world of identity theft, bank fraud and high finance money laundering. But not pulled off by the already rich and famous, but by a seemingly nondescript but by a very bright and clever young Los Angeles mortgage broker.

What is the meaning of pink collar?

Definition of pink-collar

: of, relating to, or constituting a class of employees in occupations (such as nursing and clerical jobs) traditionally held by women.

What blue-collar means?

Blue-collar worker refers to workers who engage in hard manual labor, typically agriculture, manufacturing, construction, mining, or maintenance. If the reference to a blue-collar job does not point to these types of work, it might imply another physically exhausting task.

Does Enron still exist?

Enron’s bankruptcy on Dec.2, 2001, was the largest in U.S. history at the time, ending a stunning fall from grace. The company has become a symbol of corporate fraud, yet it leaves a long legacy of products and services that we take for granted today.

What did Enron do that was illegal?

Enron executives used fraudulent accounting practices to inflate the company’s revenues and hide debt in its subsidiaries. The SEC, credit rating agencies, and investment banks were also accused of negligenceand, in some cases, outright deceptionthat enabled the fraud.

Where is Jeffrey Skilling now?

Today, Skilling is back in Houston, where he is working on a start-up firm in the energy industry, Veld Applied Analytics. According to its website, the company is developing sophisticated analytical tools to establish and monitor valuation of oil and natural gas assets.