RELATED CASES: None SUPPORT DOCUMENTS: Eight Pages Bank Of America Fraud Affidavit/Transaction History. On 12/09/2015, Sandra Agrait contacted the Pasco Sheriff`s Office by telephone to report fraudulent use of her Bank Of America ATM/Debit Card ending in 5457. Ms. Agrait advised she reviewed her bank account transaction history and observed two unauthorized cash withdrawals that she did not make. She said her houseguest, Timothy Midkiss took her debit card out of her wallet, used it to make the cash withdrawals and returned it to her walle without her knowledge or permission.…
As we have learned, white collar crime can be difficult to precisely define and a wide variety of definitions have been looked at in the process. While there is no consensus on one definition, there is agreement among criminologists on the following being indicative of white collar crime including the occurrence of which is in a legitimate context, motivation that is derived from economic gain or occupational success, and a lack of direct, intentional violence (Friedrichs, pg 5). Trust and respectability are also very important terms in relation to white collar crimes that we do not see with conventional crime. An important sociologist, Edwin Sutherland pointed to the violation of trust as an important element of white collar crime and characterized…
In the year, 2005 a Wells Fargo employee by the name of Julie Tishkoff came in contact with the Human Resources Department of Wells Fargo and she had claimed to see employees opening up fake accounts, illegally forging signatures and sending out “unsolicited” credit cards. As a result this woman was fired for revealing this information. On the 8th of September Wells Fargo made the promise that they would pay $185 million in fines that resulted from two million fake accounts being opened. This took place in California and the main person who assisted in this was John G Stumpf and he completely disregarded the…
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.…
Something that Wells Fargo try to do in order to make the situation better, was to come out to the public and state that over the last five years they had fired 5,300 employees due to uncommon behavior, but in reality it did not make things better. They also agreed to pay $185 million in fines, and an additional $5 million to refund customers. Even after Wells Fargo came out and agreed to refund customers it did not change the opinion of their customers like Chicago’s treasurer. “Chicago Treasurer Kurt Summers plans to divest $25 million the city has invested with Wells Fargo & Co…” What Chicago’s treasurer is doing is a clear example of what Wells Fargo might face in next couple of months, people are going to start withdraw their money from Wells…
If they do not have the first one, the other two will ‘kill’. Wells Fargo needs to implement functioning ethics safeguards to avoid recruit the unethical employee. The managers and employees need to be conscious of the definition of integrity itself, what integrity looks like in the business and why integrity important in the business. The…
Drugs, money, and girls are starting to become the trend in Hollywood. With huge hits such as The Wolf of Wall Street with the highly talented Leonardo DiCaprio as the notorious Jordan Belfort. The wolf of Wall Street can be used as a visual to show the different topics we talked about in class. This movie is based off of Jordan Belfort a white collar criminal on the streets of long island. There are many instances where what we discussed in lecture/discussion.…
(Wells, 2011) This is where the CFE started its procedure of becoming where it is today. Dr. Wells had an opportunity to join the FBI as an investigator and his first white-collar crime case was about a young teller who had “borrowed” money from her cash drawer. (Carozza, 2011) Dr. Wells learned very fast that honesty and neutrality were very important in anti-fraud.…
Wells Fargo has recently been in the spotlight recently for unethical behavior of employees, as well as socially irresponsible behavior at the corporate level. It was recently disclosed that Wells Fargo employees opened up millions of fraudulent accounts, both for banking and credit cards, in the names of unsuspecting customers (Bryan, 2016a). These accounts were opened without explicit consent of the customers involved so that sales goals could be met. Sales goals were attached to incentives for employees, so motivation was provided to employees that had the means to commit these fraudulent actions. Soon after these revelations came to the public’s attention, it was also discovered that Wells Fargo was violating laws and regulations regarding…
The author (2017) believes substantial piece of their compensation drove them to act unethically. When bankers were unable to sign different customers up for bank accounts or credit cards, they would target senior citizens, college students, and even illegal immigrants. They would have the clients open accounts up to use for their grocery shopping or gas. While…
In Edwin Sutherland’s 1940 article, “White Collar Criminality,” Sutherland argues that poverty is not a causing factor of criminal behavior, and a primary example of such a fact are white collar criminals themselves. He also argues that both white collar and lower class criminals learn criminal behavior, a topic called Differential Association coined by Sutherland, suggesting that the conditions in which one lives cannot be directly correlated with crime. Nonetheless, Sutherland’s central complaint in his article is the lack of punishment given to these upper-class criminals. Because of their social status, esteemed jobs, and positive stigma in their social institutions, white collar criminals oft escape the punishment they deserve. Sutherland…
If one is to turn on the news or pick up a newspaper one will most likely find a major article or coverage about a street crime that was committed not long ago and that only affected a few people. However, while street crime only causes relatively low amount of financial damage, white-collar crime yield a higher loss of capital. Nonetheless, the American justice system has primarily focused on halting street crime offenders while comparably ignoring white-collar crime offenders. Also, not only do we have common street crime like the rest of the world, but America has one of the highest rates of white-collar crime in the world. Some wonder what causes these high white-collar crime rates or why does America have the highest white-collar crime rates among the industrial nations.…
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.…
Wells Fargo can have one of the top security system in place, but if an employee is not correctly trained on the correct processes and procedures. It leaves the system wide open for any threat, vulnerability, and or risk to cause severe…
White-collar crimes may seem harmless, but can take toll on families, investors,…