Discussion 10
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Kenyatta University *
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MISC
Subject
Law
Date
Nov 24, 2024
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docx
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Uploaded by AmbassadorGoose3053
Discussion 10
Post #1
In criminal law, successful prosecution typically demands both actus reus, or the guilty act, and
mens rea, the guilty mind. Prosecuting someone solely based on guilty thoughts is challenging,
as criminal liability usually necessitates unlawful actions. In the case of Professor Balkaran
contemplating robbing a bank but ultimately deciding against it, unless he takes tangible steps
towards the crime, such as wielding a weapon or initiating a robbery, prosecution based solely on
his thoughts is improbable. Criminal intent alone does not usually suffice for legal consequences;
there must be a tangible manifestation of criminal behaviour. However, the boundary between
thoughts and actions is intricate, and legal interpretations may vary. The law generally requires a
concrete connection between intent and a criminal act for a successful prosecution, making it
challenging to convict individuals solely for their thoughts without corresponding actions.
Post #2
White-collar crimes, such as insider trading, differ from non-business crimes due to their
financial nature and the complexities involved in detection and prosecution. Insider trading
involves buying or selling a company's stock based on nonpublic information, presenting
challenges for authorities to identify and prove. Despite regulations by the Securities and
Exchange Commission (SEC), these crimes are often contentious and may receive extensive
media coverage, particularly if involving public figures. Historical cases like Albert H. Wiggin's
short-selling in 1929 and more recent instances involving Ivan Boesky, R. Foster Winans, and
Martha Stewart highlight the intricate nature of insider trading prosecutions. The Pecora
Investigation and the Securities and Exchange Act of 1934 reflect responses to such financial
misconduct, aiming to enhance market transparency and prevent fraud. While insider trading is
generally illegal, its detection involves various methods, including market surveillance and
whistleblower tips. The distinction between legal and illegal insider trading hinges on whether
the information is publicly available, making prosecution challenging but essential for
maintaining fair markets.
Post 3
Bernie Madoff orchestrated one of the largest financial frauds in history, leading to his 150-year
prison sentence for 11 federal felonies, including theft, securities fraud, and money laundering.
His multibillion-dollar Ponzi scheme swindled thousands of clients, taking around $17 billion
from investors. Madoff's recent petition for compassionate release, citing terminal kidney failure
and less than 18 months to live, has sparked legal battles, with the U.S. Attorney's Office arguing
he should remain in prison due to the extraordinary evil of his crimes. Madoff's sons faced tragic
fates, with Mark committing suicide in 2010, and Andrew succumbing to lymphoma in 2014.
While Madoff's wife, Ruth, forfeited $75 million in assets, Madoff's younger brother, Peter,
pleaded guilty in 2012 and is set for release next year after a decade in prison. Despite Madoff's
claim of acting alone, 15 people were convicted or pleaded guilty in connection to the scam, and
the recovery of more than $13.3 billion for victims remains a complex legal process.
Post #4
The case presented in the article reveal systemic issues in corporate governance, financial
oversight, and ethical standards, which are essential elements of a well-regulated business
environment. In the context of environmental laws and regulations, there are similar needs for
robust frameworks to prevent and address misconduct. My views on the case can be presented as
follows.
The article highlights major white-collar crimes, emphasizing the need for regulatory oversight
and ethical business practices. The cases of Bernie Madoff, Enron, WorldCom, Tyco, and Jack
Abramoff underscore the consequences of regulatory failures, stressing the importance of legal
accountability and corporate governance. Similar principles apply to environmental laws, where
stringent regulations, ethical conduct, public awareness, and international cooperation are
crucial. The parallels between financial and environmental regulation emphasize the necessity of
a well-regulated business environment for safeguarding public interests and promoting
sustainability.
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References
Garvey, S. P. (2020). Guilty Acts, Guilty Minds. In Google Books
. Oxford University Press. https://books.google.com/books?
hl=en&lr=&id=h3XnDwAAQBAJ&oi=fnd&pg=PP1&dq=In+criminal+law