All fraudulent individuals have three aspects in common: the opportunity to commit a crime, the financial pressure to ignite thoughts to commit a crime, and the rationalization to make a crime seem less ethically incorrect than it really is to commit (Will et al). Barry Minkow, after gaining high power and praise in the market by reporters and Oprah Winfrey herself, had all three of these aspects allowing him to commit his fraudulent white collar crime worth more than $200 million on paper (Ciulla). When Minkow was 16, he started his own carpet cleaning business in his parents’ garage under the name of ZZZZ Best (Ciulla). People viewed Minkow as a prosperous young entrepreneur, but they didn’t know that his carpet cleaning business was all…
In conclusion although there are multiple federal and state agencies currently investigating Wells Fargo for their acts of fraud, from Congressional hearings, to the securities and exchange commission (SEC), and the federal bureau of investigation (FBI) just to name a few, it still does not address that root cause of why these acts of large scale white-collar crime persist, much less there is no real discussion as to what measures can be employed to prevent these acts from happening in the future. Some people would say that there must be mandatory sentencing for violators of white-collar crime where plea bargaining is essentially removed as an option of getting out of prison, and truth be told there is some validity to this argument since…
Identity theft can occur when unauthorized people gain access to confidential and sensitive records. Data loss is a major…
White-collar crime, according to Merriam-Webster, refers to, “a crime that typically involves stealing money from a company and that is done by the people who have important positions in the company”. In modern society, white-collar crime may not be as obvious as violent crime, but its consequences leave major impacts on the world, particularly financially. Beginning in 2002, Wells Fargo began transforming into one of the largest criminal enterprises in history. Over the past 15 years, this powerful bank’s employees have been wrongfully using their customers to make personal gains. Wells Fargo, named the world’s most valuable bank until 2016, committed one of the worst and most infamous white-collar crimes in American history.…
This Annotated Bibliography will discuss the use of statutes regarding perjury, obstruction of justice, and false statements to get white collar criminals. White collar crimes are among the toughest crimes in America to solve. White collar crimes vary from Fraud to embezzlement to scams. Corporate fraud, healthcare fraud, identity theft and public corruption are among the major threats to the security of the U.S. The Federal Bureau of Investigation (FBI) list many more crimes and has a database than goes in depth about each and every crime.…
How SuccessfulIs Your Identity theft Protection? What is the ultimate effect of identity theft? If you become a sufferer of this white receiver criminal activity, your financial predicament are completely broken. It takes a lengthy time to recover from identity theft, especially if it took years before you learned about your regrettable situation. You should acquire the best id protection from theft because every responsible credit score holder should know how to avoid identity theft.…
Perception When it comes to white-collar crimes, perception is not just everything, it’s the only thing that prevails. As long as we continue to associate white-collar crime with the images of guys in suits, we will continue to treat these individuals with respect rather than fear. Our criminal justice system does not seem to place much emphasis on what may be considered as non-violent victimless criminal activity. The truth of the matter is that these offenses are considered more as bad judgment calls on the part of the victim, by the victims as well as the public. This type of perception can lead to self-blame for one’s losses and can be a great influence on how the offense is treated by law enforcement.…
Many reasons why identity theft is rampant is because credit bureaus, credit reporting agencies, and credit lenders do not hold themselves accountable for the theft. It has been estimated that millions of dollars are spent a year on identity theft victims. Businesses and companies offset the price of goods and services by making consumers pay higher prices (O’Neill & Xiao, 2005, p.33). Credit bureaus and lenders do not lose money on identity theft if anything it is a money making a scheme. Credit bureaus have suggested that money generated from credit reports and services are in the millions (Sovern, 2004, p.237).…
It can be said that white-collar crime can fall under the conflict theory assumption which focuses on the idea that those with power use their influence to try and effectively be above the law and use it to their benefit in avoiding the consequences of their actions. Most would not and do not consider white-collar crime as even being put in the same classification as a street crime. With regards to neutralization theory those with power might rationalize their behavior as appropriate because they might think that they are above the law or they might feel that the laws that govern their actions are wrong and don’t apply. Most white-collar criminals feel this way because of their social standing and their economic standing. Were someone of lower…
Critical Review #2: Identity crime and misuse in Australia: Results of the 2013 online survey Behind the article: Koubaridis (2014, n.p.), a crime news reporter for News Limited, states that ‘1 in 5 Australians have been victims of identity crime [due to] computer hacking, [and] online banking and shopping [are] to blame’. Koubaridis (2014) based the article’s research on a study conducted by the Australian Institute of Criminology. Russell G. Smith and Alice Hutchings from the Australian Institute of Criminology conducted this study in September 2013 (Smith and Hutchings 2014). Research data embedded within the article: Within the media article, there were five components that directly related back to the published research.…
When the word crime comes up, majority of the people may think of physical crime. For instance, people may make a quick assumption about crime dealing with breaking into someone’s house, robbing a bank, or even murder. One type crime that people have a tendency to overlook and don’t consider to be dangerous is white-collar crimes. According to the article How White-collar Works, Jane McGrath mentioned, “Another kind of crime is much easier to rationalize to ourselves. Committing it doesn't require a gun or a knife.…
White collar crime, for all practical purposes, is just high-end criminals getting away with fraud and other felonies by hiding behind corporate veils and political agendas with little regard for their victims. Whether considering the elite white collar criminals like Madoff or the middle class violators, this cross section of criminals is different. In attempt to put aside the obvious favoritism and lopsided application of the law, white collar crime has the tenets to more than adequately fill the shoes of a couple different crime theories so nicely occupied by blue collar or no collar criminals. However, first, a definition is in order.…
#2. Why does it matter how you classify these behaviors? Differentiating white-collar crime and traditional crimes helps clarify some of the details of the crime. A White-collar crime usually occurs through the course of ones occupation, and often affects faceless victims. Comparatively typically crimes are committed out side of a person workplace and the offender cam often see the harm that is being placed upon the victim.…
Discussion Question 1: Discuss how identity theft meets the elements of theft. How has the internet changed criminalizing theft? Identity theft is “theft by using someone else’s Social Security number or driver’s license to obtain goods” (Chamelin, 2012, p. 162). Although a person’s identity is not a tangible object, it fits the definition of theft.…
Essay Outline White-collar crimes, although not discussed very often, are on rise. When one hears the word crime, they are inclined to think violence or an unethical abuse of some sort. However, people rarely take corporate crimes such as fraud, theft, forgery, or embezzlement into a higher regard, as they do not highly affect the common citizen personally. Studying these executive crimes is important to raise awareness of deceit within society, and to protect and prevent unethical practices from occurring. The latent impact of these white-collar crimes is the emotional trauma, blackmail, and loss of finances.…