White Collar Crime Term Paper Example | Topics and Well Written Essays - 3750 words

White Collar Crime - Term Paper Example White collar crimes are less obvious due to their ability to incorporate legitimate and criminal behavior. Whether committed by corporations or individuals, white collar crimes cause serious financial and social repercussions in the society. These crimes tend to increase the cost of doing business, which is in turn passed on to consumers in the form of increased prices and decreased services. Victims of white collar crimes and all members of society affected by these crimes experience emotional consequences, which include violation of trust, stress from victimization, and damage to public morale. Categories of crime include fraud, conspiracy, embezzlement, tax evasion, and money laundering. All these types of crimes have different magnitude of negative impact in the society, and this report has recommended turf penalties to be imposed on those who are implicated. The issues are recurrent and are likely to reoccur with the emergence of new opportunities, therefore, measures should be taken to avoid loss of property, money, markets, or personal possessions. For that reason, the society has the responsibility to deploy its private and public administrative, law enforcement resources and research in trying to contain white collar crime. White collar crime Introduction The phrase white collar crime best describes a violence free method of obtaining money illegally. With regards to criminology, Edward Sutherland was the first to use the phrase during the 1939 speech to the American Sociological Society. In 1940, more than forty years ago, Sutherland coined the term white collar crime. ... In the early 1930s, the passage of the first securities act laid a powerful foundation for the legislative weapons against financial fraud as it saw the prosecution of bankers and government officials for abuse of trust; whereas the federal mail fraud statute took a key role as part of an extensive law enforcement tool against business fraud. Furthermore, a president of the New York Stock Exchange was convicted before Sunderland discovered white collar crime. Nevertheless, he discovered white collar crime for the American criminologists; and although it has been dormant, white collar crime has been a top agenda for over forty years (Glovin, 2009). White collar crimes often relate to crimes that have to do with large finances yet no physical violence takes place (Levi, 2010). The same rights and protections given to defendants of other crimes are accorded to people accused of white collar crimes. White collar crimes involve most of the legal principles as other crimes, but they are co mplex than other crimes as they involve complicated legal and factual issues. Criminal forfeiture, fines, restitution and prison sentences are among the penalties involved in white collar crimes. A consultation with an experienced white collar criminal defense attorney should be the first option for anyone charged with white collar crime. Discussion White collar crimes vs blue collar crimes What is available to the potential offender constitutes the function of the types of crimes committed. Therefore, the risks to engage in crime are lower in those employed in unskilled environments and living in inner-city areas as compared to those who live in prosperity and where large financial transactions take place. Shoplifting and vandalism are types of blue