Sutherland defined white-collar crime as "a crime committed by a person of respectability and high social status in the course of his occupation" (Siegel 337) White-collar crime includes, by way of example, such acts as promulgating false or misleading advertising, illegal exploitation of employees, mislabeling of goods, violation of weights and measures statutes, conspiring to fix prices, evading corporate taxes, computer crimes, and so on. White-collar crime is most distinctively defined in terms of attitudes toward those who commit it. These crimes are punishable by law; however it is generally regarded by the courts and by sections of the general public as much less reprehensible than crimes usually punished by the courts. The other types of crime are blue-collar offenses, which are predominately crimes of the under-privileged. White-collar crimes are punished far less harshly than blue-collar crimes, which shows societies attitudes towards the two sections of society.
Examples of street crime include homicides, shootings, robberies, etc; crimes that are usually depicted on the news or on television shows such as COPS. White-collar crime, on the other hand, is defined as “illegal or unethical acts committed by an individual or organization during the course of legitimate occupational activity” (Barkan, 2012). In Layman’s terms, white-collar crime is basically any type of crime committed, usually by authoritative figures, in a business or corporation. This type of crime is usually associated with criminal acts such as fraud, pilferage, embezzlement, or any type of corporate corruption. There are also two subtypes of white-collar crime: occupational crime and organizational crime.
Management Review, 83(5), 10. Federal Bureau of Investigation. (n.d.) White-Collar Crime. Retrieved from http://www.fbi.gov/about-us/investigate/white_collar Holtfreter, K., Van Slyke, S., Bratton, J., & Gertz, M. (2008). Public perceptions of white-collar crime and punishment.
For example, in late 2001 Enron Corporation executives confessed to overstating the company’s earnings. This lead to artificially inflating what the company was worth and deceived the investors. It took some time to unravel all the fraud put behind this devious act but shows how sophisticated white-collar crime can be. Although it’s usually associated with upper management of corporations, people from all different levels and occupations can perform this crime ("How White-collar Crime Works"). Soon after E... ... middle of paper ... ...te-collar Crime Impacts Society."
As Luizzo states, originally these write-collar crimes were committed by the employer’s employees. However, in recent years, it has also been applied to crimes committed by the business or against other businesses (Luizzo, 2016). For example, money laundering is a white-collar crime where business executives may disguise or hide the company’s money assets to make the business more financially successful. Regardless of whether there is or isn’t violence, these violations of the law are considered
The fear of detection, conviction, and punishment resulting from prosecution forms the core of deterrence theory. Therefore, individuals decide whether or not to commit crimes based by weighing the possibility of punishment from criminal prosecution against their ability to profit from illegal activity. Although deterrence is one of the central objectives of the criminal justice system, there is little consensus as to whether or not prosecutions effectively deter corporate crime. In a study conducted by the American Antitrust Institute, data were collected ... ... middle of paper ... ... is conducted and meeting compliance validates the operational quality of the corporation. 4.0 Conclusion After a case like Enron, it is easy to be pessimistic about the prospects for change that could effectively prevent corporate crime.
Offender’s commit fraudulent acts in the course of normal business practice, but is considered unethical and violates accepted accounting principles and mainly public trust. To help better understand the issue the essay will explain several incidents which are involved with white collar crime and how it hurts many individuals from families to businesses. Even though white-collar crime offender’s gain an increase in salary and may go unnoticed, the criminal justice system should continue to take a stance on white collar crime. Because mainly white collar crime is a serious invincible crime, laws that regulate white collar crimes are necessary, and impacts society's way of life. Additionally, a proposed suggestion will be presented to counter the identified problems and conclude final thoughts on white-collar crime.
The government has created systems where they can control white-collar and corporate crime. There are reforms that could effectively address white-collar crimes. Organized crime is usually merged with the Mafia, and other illegal groups, when heard by Americans. Organized crime and white-collar crime differ in the way they are committed and the people who commit these crimes. White-collar crime is defined as committed by public officials or businesspeople, defined as non-violent, and usually revolve around financial crimes.
Another law governing white-collar crimes is the Sherman Antitrust Act of 1890. The Sherman Act lim... ... middle of paper ... ...trate more on white collar crime because as the 2008 financial meltdown have shown white collar crime can bring down a country. In conclusion, The years 2008 shined a light on a group of people who were considered high society. When the stock market crashed in September 2008, the world shines a spotlight on the financial corporation. The world now knows what words such as hedge fund manager and financial instrument such as credit default swaps mean today.
Come 2001 a FORTUNE story labeled Enron a “largely impenetrable” company that piled on debt while keeping Wall Street in the dark (TIME). Later in the year the company reported a third-quarter loss of 618 million, and soon thereafter they admitted accounting errors, inflating income by 586 million since 1997. In the months to come Enron filed for bankruptcy. A similar company by the name of Andersen, and its CEO testified his firm had discovered “possible illegal acts” committed by Enron (TIME). Fear or concern about crime has become an important social phenomenon associated with issues such as unemployment, poverty, and delinquency (Isenring, 371... ... middle of paper ... ...porate power along with corporate crimes, and organized crimes, with consideration of white collar crimes, is in obvious ways, illegal and punishable by law.