Notes on white collar crime. White Collar Crime Notes on nature scope of white collar crime 2022-10-18
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White collar crime refers to financially motivated, nonviolent crime committed by business and government professionals. These crimes are typically committed for the purpose of financial gain, and can involve activities such as fraud, embezzlement, insider trading, and bribery.
One of the key characteristics of white collar crime is that it is often committed by individuals in positions of trust, such as corporate executives, politicians, and financial professionals. This trust allows these individuals to access sensitive financial information and to manipulate systems for their own benefit.
One of the most common forms of white collar crime is fraud. This can take many forms, including securities fraud, insurance fraud, and bank fraud. Securities fraud, for example, involves manipulating the stock market through the dissemination of false or misleading information. Insurance fraud involves making false or exaggerated insurance claims in order to receive payment. Bank fraud involves using false or unauthorized means to obtain money, assets, or other property from a financial institution.
Another common form of white collar crime is embezzlement. This involves the theft of money or property that has been entrusted to an individual in a position of trust, such as an employee who embezzles from their employer. Insider trading, which involves the use of non-public information to make financial trades, is another example of white collar crime.
Bribery is also considered a form of white collar crime. This involves the offering, giving, receiving, or soliciting of something of value in order to influence the actions or decisions of another person.
The consequences of white collar crime can be severe. In addition to criminal penalties, such as fines and imprisonment, individuals convicted of white collar crimes may also face professional consequences, such as the loss of their license to practice in their field. Companies and organizations that are found to have engaged in white collar crime may also face significant financial penalties and damage to their reputation.
In order to combat white collar crime, it is important for businesses and governments to establish strong internal controls and to implement effective compliance programs. These measures can help to prevent and detect white collar crime and to ensure that individuals and organizations are held accountable for their actions. It is also important for individuals to be aware of the signs of white collar crime and to report any suspicious activity to the appropriate authorities. Overall, it is important for society to recognize the significant impact that white collar crime can have and to take steps to prevent and address it.
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Included also, as inevitable as the concept itself, are the arguments, pro and con, about the criminal nature of this form of lawbreaking. Modern criminologists do not study criminal behavior in toto, but types of criminal behavior. To provide an opportunity for students to discuss varying views on these types of criminals OBJECTIVES: A. An internal probe conducted by PNB suggested that officials from Brady House Branch of PNB had fraudulently issued undertakings to forex banks, from whom Nirav Modi had taken credit. Nevertheless, the theoretical criminologist is increasingly orienting himself to consideration of values and broad social processes as inducive to many types of crime. .
White Collar Crime: The Essentials Chapter 13 Notes
Secondly, most regulatory laws de- fine their violations as misdemeanors rather than the implicitly more serious felonies of penal law. CLINARD, THE BLACK MARKET passin 1952. Punjab National Bank "PNB" : The Bank was faced with a USD 2 Billion fraud involving diamantaire Nirav Modi and Mehul Choksi. It further observed that documents prepared by the solicitors and forensic experts forming part of the investigation following formal instructions of the solicitors would be protected. Though he had lapsed from the orthodox religious faith of his father, a Baptist minister and college president, Sutherland had intensely strong moral convictions about commercial, political, and professional wrong doing. Medical Field : - In this field white collar crime is generally committed by persons belonging to medical profession include issuance of false medical certificate , helping illegal abortions , selling drugs and medicine to patients or chemists.
White Collar Crime: The Essentials Chapter 3 Notes
The crucial question in this analysis is the criterion of violation of the criminal law. TArT, CRIMINOLOGY 757 3 d ed. Deviations from these laws form the basis of white-collar crime. Securities and Exchange Commission SEC , Commodity Futures Trading Commission CFTC , Financial Industry Regulatory Authority, Internal Revenue Service, Department of Labor, Federal Energy Regulatory Commission, and the U. This product contains 1 documents written by 1 different author. We have come to realize that the conventional laws regard- ing theft and other socially-injurious conduct are inapplicable or ineffective today in many very important relationships. Other clients from whom Tehin stole settlement money included two medical malpractice victims and two claimants in a will contest.
Must theories be revised to include these lawbreakers? As a result, the highly desirable spread of shareholding and options among business managers perversely created incentives to artificially inflate reported earnings in order to keep stock prices high and rising. Breach of trust :- In this type of crime breach of faith bestowed by an individual or institution on perpetrator. The activities involved in white collar crimes in this area includes :- false recruitment , wrong and misleading prospectus, termination of services , problems in pay — scale , unfair transfer in government schools and university etc. He now looks upward at the most powerful and prestigeful strata, and his ingenuity in research and theory will be tested, indeed! GORDON, ECONOMICS FOR CONSUMERS 6x6 2d ed. In this scandal many politicians and government were involved. SUTHERLAND, WHITE COLLAR CRIME 234 1949.
. Rationally argue if government goals are being met CLASSROOM METHODS: A. Not paying much attention. Corruption is an illegal act and his controlled by Prevention of Corruption Act. This involves the creation of new opportunities for wealth, security, education, prestige, and self-respect by the reduction of discrimina- tion, favoritism, and nepotism in these reward channels 7 The price of this may be greater than we are willing to pay.
White Collar Crime Notes on nature scope of white collar crime
This channel is generally used by drug traffickers, smugglers and kidnappers. The English Court of Appeal recently ruled that:1 Litigation privilege will apply to communications between clients and their attorneys if there is reasonable contemplation of criminal proceedings, and litigation must be the sole or dominant purpose of investigation. The Legal Basis of White-Collar Crime The majority of laws underlying white-collar crime differ from conventional crim- inal laws in five ways: i in origin, 2 in determination of responsibility, or intent, 3 in philosophy, 4 in enforcement and trial procedure, and 5 in sanctions used to punish violators. Likewise, Clinard reports not only the deliberate nature of many black market violations, but the high proportion of businessmen who felt that most such violations by their colleagues were, indeed, intentional ° It is admitted by all who study white-collar violators that generally they do not conceive of themselves as criminals, but at most as "lawbreakers" or even, in a tradi- tional rationalization, as "shrewd businessmen. The businessman joining Rotary becomes a noncriminal competitor if possible, but a white-collar criminal if such a course is essential to his prestige. They allow judge, administrator, or- conceivably-sociologist, in an undirected, freely operating discretion, to attribute the status "criminal" to any individual or class which he conceives nefarious.
IV THE SIGNIFICANCE OF WHIT-COLLAR CRIME TO CRIMINOLOGICAL THEORY AND RESEARCH A. The emphasis is on a fundamental "'EDWIN H. In fact, white-collar phenomena have been fitted into or tested against many theories. The Audit Committee also proposed certain recommendations which the Board of Directors subsequently adopted, including: appointment of a separate Chief Accounting Officer; a separate Chief Compliance Officer reporting to the Audit Committee; clarifying and enhancing the Code of Conduct and related policies; and adopting certain enhanced controls and policies related to the matters investigated. Conviction in the criminal court, which is sometimes suggested as the criterion, is not adequate because a large proportion of those who commit crimes are not convicted in criminal courts.
White Collar Crime: The Essentials Chapter 6 Notes
Download White Collar Crime - Law of Criminal - Lecture Notes and more Criminal Law Study notes in PDF only on Docsity! Give them additional information iii. If so, what can be done about them? Sutherland's survey of the records of seventy large corporations showed a total of 98o adverse decisions against these companies, 158 of which were criminal proceedings, 298 made by civil courts, 129 by equity courts, while the re- mainder were administrative actions discussed above. Certainly, burglars and bank-robbers are not merely "warned" nor issued cease-and-desist orders. This imprisonment would be unlikely, of course, because the Food and Drug Administration, like other regulative bodies, does not ordinarily rely on criminal convictions and severe sentences for control 4 Nevertheless, caveat vendor, it would be possible to produce an "accidental" criminal under such legislation. The underprivileged slum dweller joining a gang commits the "no-collar" type of crime.
White Collar Crime: The Essentials Chapter 5 Notes
Sutherland sought the explanation in his theory of differential association. Madoff Investment Securities LLC BLMIS Corporate Fraud The FBI cites large-scale corporate fraud perpetrated by many throughout a corporate or government institution, among its highest enforcement priorities. In a subsequent judgment2, the English Court of Appeal placed fetters on the liberal interpretation of privileged documents. Theoretical Implications of White-Collar Crime Regardless of the "persuasive" nature of definitions of white-collar crime, it is apparent that criminology must face up to its inclusion. Advocates of the Concept of White-Collar Crime Those sociological writers who advocate the inclusion of upperworld violations in criminological context admit the uniqueness of regulatory law and the class differential between white-collar and ordinary criminals. Court also ruled that SEBI has myriad powers to invest listed and unlisted companies functioning regarding the issue of securities in order to secure the interest of investors. Ask them if the agree with these sentences? In case of Nidhi Kain v.
