White collar crime

• what's a white collar crime?


  White-collar crime is a nonviolent offense involving deceit or concealment to acquire, protect, or gain financial or business advantages.
• examples of white collar crime

  fraud, embezzlement, and insider trading to money laundering, bribery and cybercrimes
• who are the victims of white collar crimes?

  lower class, people who invest in the scheme, employees and customers
• who are the offenders of white collar crime?

  people of respectable positions, wealth and power. eg Doctors, Dentists and layers
• what's the name of the of the criminal that used the Ponzi scheme in 2002?

  Kevin Foster
• When did Kevin Foster get caught?

  Jan 2004
• how many investors did Kevin Foster have?

  over 8,500 investors
• what was Kevin Foster charged for?

  14 accounts of deception and theft
• what criminal was known for the largest bankruptcy ever to date?

  Kenneth Lay
• what was Kenneth Lay found guilty for?

  security fraud also known as stock/ investment fraud
• how many felony accounts did Kenneth Lay receive?

  6
• how did Kenneth Lay die?

  heart attack while awaiting sentencing
• who created the Ponzi scheme?

  Charles Ponzi
• what's the Ponzi scheme?

  a scheme where the criminal relies on new investors in order to repay old ones
• how does the Ponzi scheme crash?

  no new investors or many investors pulling out and wanting their money back
• why did Charles' scheme crash?

  a rumor started and many investors started to ask for money back
• what do thee criminals do when they ran out of money?

  the declare bankruptcy
• where did Charles start scheming?

  around the 1920s
• what was Charles Ponzi's penalty?

  5 years
• how many counts of fraud did Charles plead guilty for?

  one but had actually committed 86
• who created the concept of white collar crime?

  Edwin H, Sutherlan
• white collar crime, criminal or deviant?

  both, criminal (mainly for financial gain) deviant ( abusing power and breaking the clients' trust)
• Steve Tombs calculated that how many work related deaths are white collar crimes?

  1,100
• what two type of white collar crimes are there?

  professional and corporate crime
• what corporate white collar crime?

  crimes done on behalf of a company for example cheating customers or evading tax to increase profits
• what's professional white collar crime?

  when its committed by professionals for example stealing the clients funds
• what's a possible victim of white collar crime?

  employees may be subject to bullying, harassment or racial discrimination
• types of victim of white collar crime

  consumers, tax payers and government, employees and the public at large
• why would the public be effected by white collar crimes?

  these crimes are for example illegibly dumping toxic waste and selling cars that breach emission standards polluting the environment
• how does white collar crimes link to organized crimes?

  money laundering also linking to drug dealing