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Types Of White Collar Crimes Essay

1432 words - 6 pages

Types of White Collar Crime

White collar crimes are crimes that are committed by a person or persons of middle or higher status within their occupation. These types of crimes are considered nonviolent. Generally, the trusted and valued employee commits this type of crime within a company.
White collar crimes include insider-trading, conspiracy, embezzlement, fraud, forgery, money laundering, and a few others. These crimes are ones that people of a higher class perform because their occupations put them in a position in which they are able to execute these types of crimes. You would not find a poor black man committing crimes of this nature. He would not generally have the means to ...view middle of the document...

The people who are committing these white collar crimes are generally sticking to one of many categories. If an accountant is embezzling money, for example they are not going to try to get into insider trading within a company. A doctor or someone in the medical field has the capabilities to commit healthcare fraud. These types of actions can cost millions even billions of dollars a year to taxpayers and other people within companies where the fraud and other crimes were committed. Convicted of these types of crimes someone will say that it did not start at a large amount of money. More money and time are added each time they were able to get away with it. Before they knew it, the lies and deceit were long gone. There did not seem to be anything that outweighed the ability to keep taking the money. It really does not start out as a scheme to steal money but more often than not, it is someone charging money to the wrong account and getting away with it.
Sarbanes-Oxley Act was created to help control and give law enforcement an opportunity to prosecute for these types of crimes. Congress put this law into effect to help investors feel more secure as to where their money was going and how if at all it was going to be protected. It was designed to help with accuracy of reporting. The companies that are affected by this act are public companies that are registered with the Security and Exchange Commission. It gives law enforcement a way in which they were able to hold someone accountable for white collar crimes. There was no longer going to be a position one could take of “I did not know that.” If the wrong figures are submitted then the CEO and CFO of a company can be fined or sent to prison. It does not matter if they willfully did it or not. No matter what the case they are held accountable. It was their position, which was to check, double check and recheck to make sure that there was no wrong doings going on within their company.
Technology has played an important role in the ability for people to commit white collar crimes. Computers have made it easy for criminals to perform such crimes. When computers are used, anyone can simply transfer money to offshore accounts that can most often go undetected by law enforcement. People can easily misrepresent themselves to anyone when they are going through the computer. It is simple to make up another name in which you can run money under, purchase stock under as well as other things. It is rather easy for the best financial people to cross the line and hide profits which they can then in turn pocket for themselves. Cyber payments can make it easy to transfer money and you do not even have to be present to do so. Laws and regulations have not been specific in helping with these cybercrimes. Internet frauds, identity theft, attacks on websites have become more rampant than ever before. As the internet takes us further into the future, we find ourselves running out of ways in which we can...

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