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White collar crimes

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white collar crimes

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White Collar Crimes

White collar crimes refer to non-violent crimes committed through deceptive practices for the purpose of financial gain. This type of crime can be committed by activities such as insider trading. White collar crimes are normally committed by people involved in lawful businesses. The people involved normally hold high positions in the society and businesses. This vital position enables them to commit the crime easily. There are many examples of white collar crimes such as fraud, bribery and forgery. The laws concerning this type of crime vary depending on the nature of the nature of the crime.

The most common example of white collar crimes is fraud. Fraud is committed by misrepresenting facts so as to gain something financially and it always results to financial injury. Not all false statements can be considered to be fraud. Nelken (1994)The statement must be considered a material fact or it is very significant to be used by somebody to make important decisions. Insider trading is a times considered to be a type of fraud. Insider trading is considered to be crime if the securities transaction is done by an individual or a small group of people in the company having a special knowledge that others do not have. The ones involved keep the information private from the public. Another type of fraud is false pretense which involves defrauding someone by using false statement for financial gain involving transfer of personal property. Above all, corporate fraud remains to be one of the highest FBI’s criminal priorities and causes large financial losses to investors. Majority of the corporate fraud cases involves accounting schemes designed to deceive investors, auditors and analysts about the true financial condition of the business. Fraud is taken to be a serious type of white collar crime and may lead one to face the law severely (FBI, White-Collar Crime, 2003-2018).

Another common example of white collar crime is bribery. Bribery involves using anything that has value to convince and influence the decision f other people. Croall, H. (1992). This type of white collar crime is always common in great deals that involve products and services. It mostly involve offering someone money to influence his/her decision and also to persuade him/her. Bribery is also considered to be a dangerous type of white collar crime because both parties involved in the crime that is the one issuing the bribe and the one accepting the bribe are all considered illegal and will both face the law severely (FBI, What Is White Collar Crime? – Definition, Statistics & Examples, 2003-2018). The fine that someone who is involved in bribe is charged cannot exceed three times the monetary equivalent of the item or imprisonment for not more than fifteen years. Bribery goes hand in hand with both political and public corruption. Other forms of bribes may include property, various goods, privileges and favors (Zeiger, 2017). There are many different types of bribe such as bribery of a public official, a witness, foreign official bank and in sport contests. They are both considered to as bribe.

According to the above illustrations, we realize that there are many ways in which we can get involved in white collar crimes unknowingly and we may be subjected to law because even receiving bribe is illegal. We also understand that white collar crime is a very dangerous type of crime that can make a business to collapse and even run at losses.

 

 

References

Croall, H. (1992). White collar crime. Criminal justice and criminology.

Dartmouth.Zeiger, B. (2017). WHITE COLLAR CRIMES: BRIBERY & EXTORTION. 12.

FBI. (2003-2018). What Is White Collar Crime? – Definition, Statistics & Examples. 55.

FBI. (2003-2018). White-Collar Crime.

Nelken, D. (Ed.). (1994). White-collar crime (pp. 355-392). Aldershot,, England: