White-Collar Crimes

Extract

[...] White-Collar Crimes Do some personal research on the different types of white-collar crimes. White-collar crimes refer to non-violent crimes committed by individuals, typically in a professional or business setting, for financial gain or to obtain some form of advantage. These crimes are often carried out through deception, manipulation, or abuse of trust. Some common types of white-collar crimes include: fraud, embezzlement, insider trading, bribery, corruption, money laundering, forgery, identity theft, cybercrime and tax evasions. These are just some examples of white-collar crimes, and the list is not exhaustive. [...]

[...] His white-collar crime was a bank fraud called commonly a "Ponzi Scheme", named after the first man who did it, Charles Ponzi. The fraud works as follows: an influential person promises high returns in investments, with very little risks. The scam is appealing to investors, but contrary to what they believe it does not generate profits as predicted, the only incomes are the ever-growing investments. Bernie Madoff made tens of billions of dollars by having a Ponzi scheme that lasted a little under twenty years. [...]

[...] There is no particular profession associated with this kind of crime, at least not at the time as it was a brand-new way to scam people. Nowadays it would mostly be people from the IT department, computer experts, data analysts, anyone at ease with a computer really. As the crimes committed by Mitnick were not as serious as Madoff for example, he was sentenced to five years in prison for computer fraud and then went free. He later took a job as a consultant hacker, in charge of cyber security. [...]

[...] White-collar crimes have far-reaching consequences, affecting not only the victims but also the economy and public trust. The case of Bernie Madoff reminds us of the need for stringent regulations, improved oversight, and ethical conduct in the financial industry. Raising awareness, promoting ethical business practices, and holding individuals accountable are essential steps towards minimizing the occurrence of white-collar crime. An article about his death, his trials and his regrets can be found here : https://www.nytimes.com/2021/04/14/business/bernie-madoff-dead.html An article from 2009 about the easiness of his fraud: https://www.theguardian.com/business/2009/jul/29/madoff-fraud-jail-interview Kevin David Mitnick and the new generation of white-collar crimes Kevin David Mitnick was a young hacker from the 90's, his crimes were cyberattacking and scams such as corporate espionage and computer intrusions. [...]

[...] It is estimated that he took over 65 billion dollars. His trial took place in 2009, and he pleaded guilty to 11 federal felonies, including securities fraud, wire fraud, money laundering, and perjury. He was sentenced to 150 years in federal prison, one of the most severe sentences ever given for financial crimes. As this was one of the biggest scams in history, Bernie Madoff's sentence served as an example, it is high because it conveys the message that legal repercussions for white collar crimes should be taken more seriously. [...]