Different Types of White Collar Crime

Pension fraud is a type of white-collar crime, but it can assume many different forms. In "Guilty Plea in Fraud Case Tied to New York Pension," the underlying crime was bribery, which happened to be related to a pension fraud scheme. The State of New York runs and manages a pension for its residents. It invests money workers pay into the pension. In this case, state officials accepted about $1 million in gifts in exchange for investing $250 million in pension money into the briber's company. "Looking Out for Number One" describes a slightly different type of pension fraud. In this case, the manager of the pension was defrauded by the investment company, AA Capital Partners. AA Capital Partners seem to have diverted millions of dollars from the pension money to its own dealings, amounting to a type of embezzlement. Thus, pension fraud is not actually a specific type of fraud in so much as it is multiple types of fraud that happen to involve a pension fund. Law enforcement can fight pension fraud in similar ways to other types of white collar crime: by staying aware, by gathering as much intelligence as possible, and generally making it difficult for people to get away with pension fraud by monitoring pension funds more carefully and punishing perpetrators severely.

UNIT 5 DISCUSSION

Consumer fraud encompasses a wide range of practices that impact and victimize consumers. The most common types of consumer fraud include identity theft, debt collection, and payday loans ("Identity Theft, Debt Collection, and Payday Loans Top List of Consumer Fraud Complaints," 2014). Identity theft is becoming increasingly more common, especially as consumers rely more and more on electronic transactions and digital devices for purchases, banking, and other financial transactions. Consumer fraud is linked to similar types of white collar crimes we have discussed in class, and it can be difficult for law enforcement to address these problems effectively. Some types of consumer fraud are also the responsibility of the consumer, such as falling for a lottery scam.

UNIT8 DISCUSSION

Cyber criminals are dangerous because they can acquire sensitive information that can be used to harm others, either by stealing identity, embezzling money, or even committing acts of terror by taking control of utilities systems. Reformed criminals like Kevin Mitnick are of great service to law enforcement, because they understand how hacking works. Only by working with hackers can law enforcement hope to stay one step ahead of the criminals. The downsides to working with criminals like Mitnick are the same as the downsides to working with criminals in other areas. Trust is difficult to build between both parties, and the hacker might take advantage of security clearances to commit further crimes.

UNIT 9 DISCUSSION