February 3, 2023 7:35 PM
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White Collar Crime

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By Tyrrell Sampson
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What does the term white collar crime mean

Generally, white collar crime is a crime committed by business professionals for financial gain. It can involve money laundering, fraud, and public corruption. It can also include crimes involving health care, real estate, and securities. Depending on the severity of the offense, the victim may face a prison term, fines, or other penalties.

The term white collar crime was first coined by sociologist Edwin Sutherland in a 1939 speech. Sutherland referred to crime committed by high social status as “white collar crime.” He contrasted white collar crime with lower class crime. He noted that crimes committed by businessmen were not as well-known as those committed by the “robber barons” of the late nineteenth century.

Sutherland’s ideas have shaped laws on white collar crime. Today, federal authorities investigate white collar crimes and enforce the federal code. In addition, the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC) investigate white collar crimes. The Federal Bureau of Investigation (FBI) investigates white collar crimes and has teams whose duties include local, regional, and international scopes. In the 1980s, the Wall Street crisis brought prosecutions for financial crimes. In 2001, Enron faced backlash for allegedly inflating profits in order to keep its stock prices high. The company hid debt and faced a backlash for its lack of transparency. In addition to federal investigations, white collar crime is investigated by the Commodity Futures Trading Commission, the Securities and Exchange Commission, the Department of Justice, and other agencies.

White collar crimes can also involve organized crime. Organized crime is a group of criminals whose main purpose is to enforce their power and influence through assault and other physical force. They often include drug-smuggling organizations, the Mafia, and gangs. These organizations may also use white collar crime to obtain their objectives.

White collar crimes are nonviolent, but they are often carried out with the help of a professional. Typical white collar crimes include fraud, bribery, price collusion, and money laundering.

White collar crime is often motivated by financial gain and leverage. Criminals may take advantage of their position in a business or government agency to accumulate money, assets, or other property. White collar crimes may also involve violence and other forms of physical force.

White collar crime may involve securities fraud, embezzlement, bribery, or price collusion. For example, a company may make a deal with an employee of another company to purchase the other company’s product for less money than the real value. It may also involve theft, such as taking a few dollars from a cash drawer. It may also involve lying or concealing information.

In addition, white collar crimes often involve an organized effort by corporations to increase profits. For example, a foreign government agent may offer $10,000 to a company that wants to purchase a particular technology. When a company finds that the technology is not as good as they expected, they may decide to cheat the price. Another common type of white collar crime is a Ponzi scheme. A Ponzi scheme is a financial scam in which investors are promised “returns” in exchange for investing money. As long as new investors continue to invest in the scheme, it can be sustained. If the old investors withdraw their funds, the scheme cannot continue.

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