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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,...
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…
References
"Guilty Plea in Fraud Case Tied to New York Pension." International New York Times. 4 Dec, 2009. Retrieved online: http://www.nytimes.com/2009/12/04/nyregion/04pension.html?_r=2&;
"Identity Theft, Debt Collection, and Payday Loans Top List of Consumer Fraud Complaints," (2014). The Christian Science Monitor. Retrieved online: http://www.csmonitor.com/USA/Latest-News-Wires/2014/0304/Identity-theft-debt-collection-and-payday-loans-top-list-of-consumer-fraud-complaints
"Looking Out for Number One." Bloomberg Business Week. Retrieved online: http://www.businessweek.com/stories/2006-10-29/looking-out-for-number-one
White-collar crime is a term that has existed since 1939 when it was introduced by Edwin Sutherland during his speech to the American Sociological Society. In the speech, he defined white-collar crime as an offense committed by an individual of high social status and respectability in the course of his/her occupation. These crimes also refer to financially motivated non-violent offenses carried out by governmental and business professionals. Despite the disagreements
White Collar Crime Theories, Laws and Processes Explain white collar crime in terms of various theories related to criminology and crime. A white collar crime is an illegal and unethical act that violates public trust (Friedrichs, 2010). Common examples include misrepresentation, stealing, misappropriation, self-dealing, and corruption (Echols & Richardson, 2011). Most are crimes of opportunity and hold similar characteristics to corporate crime -- fraud, insider trading and other illegal acts of a
White Collar Crime Theoretical Perspectives of Criminal Behavior Three broad theoretical models of criminal behavior have historically prevailed. These models include psychological models of criminality, sociological models of criminality, and biologically -- based models of criminal behavior. Each of these models suggests different ideologies and different methods of control for criminal behavior; however, there is quite a bit of overlap in each one. Psychological Theories of Criminal Behavior Psychology is a broad discipline that
White Collar Crimes Supervisor: (Insert) The paper focuses on specific aspects of white collar crime. The paper primarily focuses on answering two questions directly related to white collar crime. The first question is a comparative analysis focusing on the laws on white collar crime within the United States and other countries. The question also analyzes the extent of operative power to counter the white collar crimes and strictly apply the laws and
The criminal acts within those legitimate realms continue to be more familiar and ongoing. When there are rampage on the WCCs and Organized crimes, the line existing between them and other groups they infiltrate in will definitely start blurring resulting to illegal corporations and to states that are rogue. The other reason is that WCCs and organized crimes are both money motivated. This means that, the two crimes are committed
White Collar Crime: The Influence of Societal Changes on Criminal Opportunities and the Nature of Crimes of Fraud The process of globalization, coupled with the advent of the information age has had a significant influence on the nature of crime. For instance, the complexity and diversity of white collar crime has surpassed that of traditional street crime by far and it continues to cost the United States billions every year. Introduced