White Collar Crimes

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Nov 24, 2024

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1 White Collar Crimes Student’s Name Department and Institutional Affiliation Course Code and Name Professor Assignment Due Date

2 White Collar Crimes Question 1 Sutherland was the first to apply the theory of “white-collar” crime while making remarks on the American Sociological Society. He defined white-collar crime as a crime perpetrated by an individual of decency and high social rank in the path of his career. Sutherland’s definition was in sharp criticism of the majority of the criminology theory of the period that stressed on offenders of violent wrongdoings and real-estate crimes ( Kleimenov & Meško, 2019). He further stated that white-collar crimes do not cause physical injuries to the victims but they also have a profoundly adverse effect on societal organizations. Sutherland identified social disorganization and a conforming disturbance of conventional social standards are the key factor of white-collar crimes. Consequently, two circumstances are ideal to social disorganization while explaining white-collar crimes. The first scenario is the fact that companies are intricate and scientific, so inexpert individuals fail to comprehend when business activities are damaging. Violation of implied trust within the organization was outlined as the key factor of corporate crimes. Most of the documented white-collar delinquencies were committed through an organization. About 60 percent of the companies he has surveyed had been illegally sentenced or indicted in criminal benches, with a standard of four arrests happening each day. Sutherland highlighted a major concern regarding white-collar crimes which result in either no official action or in some instances the guilty party loses a license or in severe cases they are fined or serve prison sentences.

3 One major limitation of Sutherland’s explanation of “white-collar crime” is that he failed to distinguish between the crime perpetrated by white-collar staff against the company, and the crimes done by a company acting as an individual entity ( Perri et al., 2014). Another major limitation with Sutherland’s differential association theory as pertains to white-collar crime is that it lack to address why some, if not all citizens are motivated to do illegal conduct in the corporate setting where they learn necessary approaches and conducts for white-collar crimes ( Perri et al., 2014). Sutherland also failed to collect data to back up his selected methodology to support his theory as it pertains to white-collar crimes. Question 2 One of the primary difficulties linked with studying and determining white-collar crime is the lack of consensus regarding the functionality of the dependent variable. There is a genuine lack of research attention devoted to crimes of powerful and influential business individuals ( Pusch & Holtfreter, 2021). Sutherland’s challenge with the main theoretical paradigm (social disorganization concept) was that it failed to explain crimes in the workplace. White-collar crime results in increased monetary losses than street crimes such as theft and burglary, the identification of a consistent cluster of factors is inadequate in the available literature. Sutherland fails to differentiate between white-collar crime and corporate crime. There are inadequate laws and regulations aimed at curbing white-collar crimes. The existing ones posit that an individual who is found to be involved in white-collar crimes be subjected to hefty fines but with no lengthy prison sentences ( Pusch & Holtfreter, 2021). There is fewer finances to police, indict and incarcerate crimes perpetrated by the powerful. Another challenge is revealing the white-collar crimes against the powerful individuals can be dangerous as they have the means of harassing or killing you and get away with the crime.

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4 White-collar crimes can be perpetrated for a few diverse reasons. It could be due to money, influence or even power. There are three key arguments for white-collar crimes; first, there is a notion by many influential business officials that there actions are not serious enough to cause any major effects at the organization. Second, there is also a notion by many influential business officials that even if they perpetrate white-collar crimes they will only be required to pay hefty fines, and fail to serve lengthy jail terms. Finally, they believe their successful nature in the world of business or high rank in the company makes them invincible to the punitive measures of white-collar crimes. There are two major arguments against white collar crimes. First, the financial effect that white-collar crimes pose to the organization are great and irreversible. Second, white-collar crimes can endanger workers through unsafe working conditions, and create pollution challenges for the community. Sutherland contended that white collar crimes causes more harm than street crime, whereas elite deviance comprises of criminal and deviant acts by big companies and most powerful political organizations in America. Question 3 Cohen (2016) provide three key reasons to envisage the costs of corporate fraud. First, policy makers are frequently interested in associating the harm created by diverse kinds of crime. For instance, virtually all theories of punishment depend to a greater scope on victim harm as one feature of the suitable criminal sanction (Cohen, 2016). The second reason for predicting the costs of white-collar crime is to differentiate them to other social evils. The third and most important reason for comparing the expenses of white-collar crime is to correlate the benefits and costs of alternative crime control policies.

5 About $65 billion was imposed on white-collar offenders between 1960 and 2009 because of monetary penalties by the courts for psychological pain and monetary damages (Taylor, 2018). For example, for over two decades now businesses such as Colonial Bank, Bernie Madoff, Wells Fargo, Enron, and Tyco, have shaken the groundwork of stockholder self- confidence in the securities. Many fault unsuccessful internal control procedures that have been implemented to address the incidents of monetary scheme. There are also nonfinancial costs involved with white collar crime. Another nonfinancial cost is the social charge impacting workers of swindled companies (Jeans, 2020). Examples of the intangible costs that businesses suffer due to white-collar crimes include loss of brand or organization’s reputation, reduced share price, low employee morale, and disjointed business relations. White-collar crime is more intricate to measure or even detect than other traditional crimes because liabilities could not be instantly apparent to victims but also because the delinquencies can involve urbane systems and conspiracies. Numerous white-collar crimes require concerted criminal activity by collaborators. These kinds of crimes are less likely to be reported as individuals who indulge in business often access quality legitimate advice and resources. Question 4 White-collar criminals are conventionally linked with those who are well-thought-of, have respect, and commit their crimes in a business-like fashion. With, persons that have great or respectable respect are less likely to be directed as possible criminals making them easily concealable. White-collar crimes are less serious as they are perpetrated by influential business officials who are hard to prosecute against. They exert their authority to fashion trickeries

6 towards a culture that white-collar wrongdoings are not more serious compared to conventional street crimes. White-collar crimes are said to be less serious as they are also difficult to pinpoint the root cause as opposed to traditional street crimes that involve hefty penalties and jail terms. Ponzi schemes are concealable due to the impression provided by the crime that the savings conducted by the investor is making a profit when in actuality the income is emerging from a different shareholder ( Pozza et al., 2010). An example of appeal could be Bernie Madoff, who is extremely renowned as perpetrating on the greatest Ponzi tricks, and used allure as a scheme for his targets ( Pozza et al., 2010). There are several factors that make white-collar crimes to be relatively serious. First, the workplace accepts aberrant conduct. The second factor is that if an employee is laid off, he or she does not have much to lose as he or she will get another job in a different country or state. Third, white-collar criminals get involved in how easy it is, they do not think about what could transpire if they get nabbed (Sarkis, 2019). White-collar criminals are mostly charismatic in nature. This aids them to manipulate the security procedures, and even lure a staff not to file a lawsuit. References

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7 Cohen, M. A. (2016). The costs of white-collar crime. The Oxford handbook of white-collar crime , 78-98. Fraud Investigation, Forbes.Com, n.p. History, 60:3, 343-360, DOI: 10.1080/00076791.2017.1339691 . Jeans, D. (2020). Fraud Prevention Startup NS8 Lays off Hundreds, CEO Departs amid SEC Kleimenov, I., & Meško, G. (2019). ’White-collar crime sentencing in the Russian Federation’. Revija za kriminalistiko in kriminologijo , 70 (4), 384-393. Perri, F. S., Lichtenwald, T. G., & Mieczkowska, E. M. (2014). Sutherland, Cleckley and beyond: White-collar crime and psychopathy. International Journal of Psychological Studies , 6 (4), 71. Pozza, C.; Cox, T. R.; Morad, R. J. (2010). Review of recent investor issues in the madoff, standford and forte ponzi scheme cases. Journal of Business and Securities Law, 10(2), 113-132 Pusch, N., & Holtfreter, K. (2021). Individual and organizational predictors of white-collar crime: A meta-analysis. Journal of White Collar and Corporate Crime , 2 (1), 5-23. Sarkis, S. (2019, March 3). Seven factors that draw people to white-collar crime . Forbes. https://www.forbes.com/sites/stephaniesarkis/2019/03/03/seven-factors-that-draw-people-to- white-collar-crime/?sh=1648a86778f8 Taylor, J. (2018) White-collar crime and the law in nineteenth-century Britain, Business

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