Taking and Inside Look at White Collar Crimes

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Recommended: White collar crime and the criminal justice system

“Lying, cheating, stealing. That's white collar crime in a nutshell” (fbi.gov). This crime is not a crime to be overlooked. White collar crimes can destroy families, businesses, and investors, individually or all at one time. White collar crimes include, wire fraud, institutional corrupting, social security fraud, and Ponzi schemes. Two white collar criminals, Marc Dreier and Bernie Madoff, go hand in hand and show the best examples of a white collar crime. Marc Dreier, famous for impersonating a Toronto attorney inside the attorneys own office, and stealing 380 million dollars from hedge funds, operated a Ponzi scheme (Borrough). Bernie Madoff, “was quietly running the largest hedge fund in the world, a fund that spread over forty nations and handled tens of billions of dollars” was also running the largest Ponzi Scheme. White collar crimes have progressively become more complicated. Without the trace of money, tracking down these scammers can be tough. It is important to know how the criminals like Dreier and Madoff are investigated and who investigates them to understand how white collar crimes work and the way they are caught is also very crucial to understanding white collar crimes.
Ponzi scheme got its name from Charles Ponzi, who promised investing in postal coupons, which back then a person could redeem for profit; Ponzi would be able to double their investments in three months (Markopolos 50). The investors were made to believe they would get huge profits. However the scheme collapsed and investors paid millions of dollars to Charles Ponzi. History only repeats itself. Therefore, Ponzi schemes work in typically the same way, but are even more complex today. Solely, the scheme is based on promis...

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...may have never been warned early on which is important in order to convict a perpetrator. However, with RICO laws it became easier to prosecute white collar criminals. It is important to have RICO laws, because very often there are crimes involving corruption (Bourgeois 1). Corruption is a huge part of the financial business and cracking down on these criminals is another step closer to saving another victim of fraud.
White collar crimes have been a big problem in the recent years. Marc Dreier and Bernie Madoff have had intensive investigations since when they were caught. The comprehension of how white collar crimes are conducted helps the law enforcement and the legislation to crack down on catching and preventing these criminals. Without such laws and enforcement agencies, white collar criminals would be stealing for innocent people’s money more rapidly.

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