...Types of White Collar Crime Angela L. Langley LEG 200 – White Collar Crime in Government, Business, and Labor Professor Thomas Demko Strayer University May 28, 2012 Assignment 1: Types of White Collar Crime A white collar crime is illegal and unethical, which violates the public trust. It deals with lying, cheating, and stealing by high profile individuals. A single con can destroy a business, hurt families by cleaning out their life savings, or cost investors billions of dollars. “Devastating losses in relation to homes, businesses, jobs, retirement funds, and college savings were widespread. “It was clear that fraudulent misrepresentations on many levels were at the center of this crisis” (Friedrichs, 2010, p. 1). We will compare and contrast the nature of white collar crime with other types of illegal acts, compare and contrast the typical participants of white collar crime against the participants of other types of illegal acts, discuss the role of technology in white collar crime and how its role may create differences from other forms of crime, and analyze the role of opportunity and how it contributes to white collar crime. Compare and contrast the nature of white collar crime with other types of illegal acts. The key elements of white collar crimes are trust and its violation. “White collar crimes take on the form of misrepresentation, stealing, misappropriation, self-dealing, corruption, and role conflict” (Friedrichs, 2010, p. 10). White-collar...
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...Assignment 2--- White Collar Crime Theories, Law, and Processes Lucas McPherson Professor Dr. Matthew Miko LEG 200 – White Collar Crime in Government, Business, and Labor December 21, 2011. 1. Explain white collar crime in terms of various theories related to criminology and crime. There are several basic theories in which white collar crime can be explained relating to criminology and crime. We must look at several concepts and behaviors and take certain metaphysical, ontological, and epistemological assumption about the ultimate nature of reality and being into consideration. Example, is reality subjective or objective? Is causation simply a human construct, or is it something that can be definitively and objectively established? The latter were two questions to approach some explanation of the theories of white collar crime and the criminological concept of the offenders in this sector. There are the sociological, biogenetic, psychological, and sociogenic explanation to white collar criminology and crime. The most basic theory of criminality states that criminals are different in some fundamental way from non-criminals. Then the nature of the difference must be identified. On a Sociological level the propensity to commit crimes, is shown to vary among various segments of the population or among different organization. The biogenetic explanation of criminality became especially influential in the nineteenth century. This states that criminals...
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...White collar crime The phrase white collar crime was first used by Edwin Sutherland in 1939 during a speech to the American Sociological Society. He defined white collar crime as a "crime committed by a person of respectability and high social status in the course of his occupation."(Sutherland, “White-Collar Criminality."). Today, white collar crime refers to illegal offenses that are generally committed in the business or professional setting (white collar versus blue collar jobs) to achieve financial gain. Crimes that do not involve physical violence, and that relate largely to financial matters, are often called white collar crimes. Corporate corruption is out of control for two main reasons. First, big companies are now multinational, while governments remain national. Big companies are so financially powerful that governments are afraid to take them on. It is very important to study the cause and the possible solution for the increase in numbers of white collar crime; our focus needs to shift from Blue Collar Crimes to White Collar Crimes. U.S.A spends nearly $50 billion on fighting Blue Collar Crimes, not even quarter of that amount is spent on fighting White Collar Crimes. Hardly a day passes without a new story of malfeasance. Every Wall Street firm has paid significant fines during the past decade for phony accounting, insider trading, securities fraud, Ponzi schemes, or outright embezzlement by CEOs. A massive insider-trading ring is currently on trial in New York...
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...Understanding white collar crime Hazel Croall Open University Press Buckingham · Philadelphia Open University Press Celtic Court 22 Ballmoor Buckingham MK18 1XW email: enquiries@openup.co.uk world wide web: www.openup.co.uk and 325 Chestnut Street Philadelphia, PA 19106, USA First Published 2001 Copyright © Hazel Croall, 2001 All rights reserved. Except for the quotation of short passages for the purpose of criticism and review, no part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of the publisher or a licence from the Copyright Licensing Agency Limited. Details of such licences (for reprographic reproduction) may be obtained from the Copyright Licensing Agency Ltd of 90 Tottenham Court Road, London, W1P 0LP. A catalogue record of this book is available from the British Library ISBN 0 335 20427 9 (pb) 0 335 20428 7 (hb) Library of Congress Cataloging-in-Publication Data Croall, Hazel, 1947– Understanding white collar crime / Hazel Croall. p. cm. — (Crime and justice) Includes bibliographical references and index. ISBN 0–335–20428–7 — ISBN 0–335–20427–9 (pbk.) 1. White collar crimes. I. Title. II. Crime and justice (Buckingham, England) HV6768 .C755 2001 364.16´8 — dc21 00–050174 Typeset by Type Study, Scarborough Printed in Great Britain by Biddles Limited, Guildford and Kings Lynn chapter ...
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...Submission of Research paper as a part of curricular activity. Forensic Accounting: A new dynamic approach to investigate fraud. SUBMITTED BY: Aniket Desai (12BBL016) Alakananda Duggirala (12BBL016) Rut Shah (12BBL051) SUBMITTED TO: Dr. Pranav Saraswat For the academic session July to December 2014 1 PREFACE This research project is carried out as a part of curricular activity for the course of Financial Audit, in semester V for the programme B.com LLB (Hons.). We have tried our best to do justice with the project and put it in black and white the research we've done in the last three months. Regards, Aniket Desai Alakananda Duggirala Rut Shah Date: 2th November, 2014 _______________________________ Signature of the researchers. 2 ACKNOWLEDGEMENT We owe a debt of gratitude to Dr (Mr.) Pranav Saraswat, the faculty for the course of Financial Audit, for his constant guidance and support which helped us to conceive this research project. It is also my duty to record my thankfulness to Dr. Atul Bhatt, the librarian of the Institute of law, Nirma University for keeping handy useful resources which helped me collect information and datas which was very important for my doctrinal research work. Finally, I would like to take this opportunity to thank my friends and colleagues for the support whenever required. Regards, Aniket Desai Alakananda Duggirala Rut Shah 3 DECLARATION We hereby declare that this piece of written work...
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...White Collar Crime and Accounting Standards in the Nigerian Public Sector Nenyiaba, Ile Charles Faculty of Management Sciences Nnamdi Azikiwe University, Awka, Anambra State, Nigeria E-mail: nenyiabaic@yahoo.com ABSTRACT This survey examined the spate of white collar crime in the Nigerian public sector and the extent to which existing accounting standards are helping to stem the occurrence of the crime. Two null hypotheses were formulated and the primary data used to test the hypotheses were obtained using structured questionnaire while secondary data were obtained from annual accounts of State Governments and reports from similar studies. The study used averages, percentages, chisquare and Spearman’s ranked correlation coefficient tested at 5% level of significance for analyses of the data obtained during the study. It also made use of averages and simple percentage. The study revealed that noncompliance with accounting standards is responsible for the increasing spate of white collar crime in the Nigerian public sector and that absence of forensic accounting courses in the training programme of practicing accountants are responsible for inability of auditors to detect, early enough, white collar crime in the public sector thereby aggravating the scam. The study also revealed that flexibility of principle based on standard is a serious threat to enforcement of compliance with the standards especially in a developing economy such as Nigeria. Hence, forensic accounting courses...
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...Running head: WHITE COLLAR CRIMES White Collar Crimes: How Does It Affect Businesses? Shari M. Lewis Strayer University (Online) Table of Contents ABSTRACT 3 INTRODUCTION 4 Introduction to the Problem 4 Background of the Study 4 Statement of the Problem 4 Purpose of the Research 5 Research Questions 5 Significance of the Research 5 LITERATURE REVIEW 7 CONCLUSION AND RECOMMENDATIONS 19 ABSTRACT This paper investigates White Collar Crime (“WCC) in society and the affects it has on businesses in today’s society, the cost and statistics involved with white collar crime and the difference in how white collar crime and street crimes are dealt with. While white collar crime has existed for many decades, I have conducted research regarding the definition of white collar crime, the history of white collar crime, the different types of white collar crime that affect businesses directly and indirectly, goals of white collar crime, fraud statistics and the cost factors related to white collar crime. White collar crimes and business ethics play hand in hand with one another and often cross the line with one another into criminal behavior. White collar crimes have played a very instrumental part in our downward economy over the past five years, and the level of trust given by society to corporations and employers entrusted with their life earnings has changed dramatically. My research will include factors that contribute...
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...Banking Industry Meltdown HRM 522/ Professor Huddleston 2013 August 22 Banking Industry Meltdown 1 Determine which moral philosophies (as discussed in chapter 6) are most applicable to an understanding of the banking industry meltdown. Explain your rationale. To suggest which moral philosophy is most applicable to this case we must have an understanding of moral philosophies. One definition given is that “Moral philosophy is the study of moral judgments or the value that is placed on decisions about what is right or wrong” (http://www.smallbusiness.chron.com). With this being said, one must understand that there is a difference between moral philosophies and business ethics. When we refer to an individual’s principles and values which help to define and determine what is considered to be moral or immoral, this is known as moral philosophy. Business ethics is usually based on decisions in groups or those made when carrying out tasks to meet business objectives (Fraedrich/Ferrell, page 151). We can use moral philosophies as guidelines or a blueprint to aid in “determing how conflicts in human interests are to be settled and for optimizing mutual benefit of people living together in groups” (Fraedrich/Ferrell, page 151). Moral philosophies also used in the business world to formulate business strategies as well as a way of resolving ethical issues. The moral philosophies used in business decisions are teleology, deontology, the relativist perspective, virtue ethics...
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...1) What is the most important reason for Google® pursuing four business strategies simultaneously? | | A. | | The company’s platform enables it to develop applications quickly and deliver applications and results to users almost instantaneously. | | B. | | The company has a global platform. | | C. | | The company has a huge amount of cash reserves. | | D. | | The company saw that Microsoft® was vulnerable as a result of its proprietary software model. | | | 2) Which of the following statements is not correct? | | A. | | IT requires small investments over a long period of time. | | B. | | To succeed in today’s environment, it is often necessary to change business models and strategies. | | C. | | Information technology (IT) enables organizations to survive in the face of business pressures. | | D. | | Organizations may leverage their platforms to develop web-based applications, products, and services. | | | 3) The fact that you practice continuous computing means all of the following except: | | A. | | You can push your ideas to the web. | | B. | | You are surrounded by a movable information network. | | C. | | You can pull information about almost everything from anywhere all the time. | | D. | | Your daily routines are exactly the same as students 20 years ago, but you do your tasks much slower and with more effort. | | | 4) Which of the following statements about IS is not correct? | | A. | | IS...
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...S E C T I O N II Understanding White-Collar Crime Definitions, Extent, and Consequences S ecti on Hi g h l i g h ts •• •• •• •• •• •• White-Collar Crime: An Evolving Concept Modern Conceptualizations of White-Collar Crime Extent of White-Collar Crime Consequences of White-Collar Crime Public Attitudes About White-Collar Crime Characteristics of White-Collar Offenders A 34 s noted in the introduction, Edwin Sutherland created the concept of white-collar crime more than 70 years ago to draw attention to the fact that crimes are committed by individuals in all social classes. As will be seen in this section, one of the largest difficulties in understanding white-collar crime has centered on an ongoing debate about how to define white-collar crime. After discussing various ways that white-collar crime can be defined, attention will be given to the extent of white-collar crime, the consequences of this illicit behavior, public attitudes about white-collar crime, and patterns describing the characteristics of white-collar offenders. Section II Understanding White-Collar Crime 35 As a backdrop to this discussion, consider the following recent white-collar crimes described in the media: •• A jury convicted [then-Baltimore mayor Sheila] Dixon . . . of embezzling about $500 worth of gift cards donated to the city for needy families. Dixon then pleaded guilty last month to lying about thousands of dollars in gifts from her former boyfriend, a prominent developer...
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...Sarbanes Oxley: An Antidote To Executive Greed? | May2011 | “Today I sign the most far-reaching reforms of American business practices since the time of Franklin Delano Roosevelt. This new law sends very clear messages that all concerned must heed. This law says to every dishonest corporate leader: you will be exposed and punished; the era of low standards and false profits is over; no boardroom in America is above or beyond the law”- George W. Bush | | INTRODUCTION Since the initial separation of corporate ownership from corporate management, the abuse of power by management has been a concern. Early in the last century a small number of Industrialists owned and controlled the major corporations. Slowly, as these individuals aged and retired, their vast holdings were transferred to a large number of decedents who were, for the most part, disinterested in managing the firms in which they held an ownership share. The shareholders relied on experienced managers to direct their corporations. This transfer of power gave rise to agency problems wherein the agent of the organization (manager) is likely to place their own interest above those of the actual owners of the firm. There is a vast body of literature addressing the issues of agency problems and clearly defined Agency Theory to which the majority of scholars subscribe (Van Ness, Miesing, and Kang, 2009) The original attempt to create an antidote to agency problems was the formation of corporate boards of directors...
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...New York. In 2009, Rajaratnam's net worth to $ 1.3 billion by Forbes global rich list among the first 559. When Galleon was established in NY, Rajaratnam said: "This is Raj Rajaratnam, only the paranoid survived." Unfortunately, this time his "paranoid" gets too far. Rajaratnam's case is the largest in the history of Wall Street hedge fund insider trading case at that time, but also the first use of the Federal Investigation Agency monitor means to obtain evidence relating to insider trading. Rajaratnam's arrest on behalf of the US government efforts to combat financial crime has entered a new phase. In this case, there are two ethic issues that can be discussed. The first is a white-collar crime; insider trading is one of them. The second is the wiretap recording, whether it is legitimate, if it is, what impact it will bring to business competition. 3.2 Theory Insider trading is a kind of white-collar crime. Definition of insider trading which is the buying or selling of a security by someone who has access to material, nonpublic information about the security. Insider trading can be illegal or legal depending on when the insider makes the trade: it is illegal when the material information...
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...to international bribery. The routine activity theory predicts that, for any criminal act to take place, there is a convergence in both space and time of a motivated offence, the absence of a capable guardian (regulators), and the presence of a suitable target (FELSON, 2003 & YAR, 2005). The analysis of the AWB scandal will consider the three elements together with cultural variability. The routine activity theory is conventionally used in the explanation of the predatory, violent crime where it indicates that normally there is one motivated offender, which varies from a single suitable target. However, when applied to bribery, this theory must be adapted since in the act of bribery, all the parties involved in facilitating the occurrence of such an illicit act must be held responsible (D’ANDRADE, 1985). This implies that the individuals who pay, accept, offer, and seek bribes are considered offenders and the ones that comply by accepting bribes are viewed as the suitable targets. Due to the complex of the cases dealing with international bribery and the large number of individuals that were involved in the AWB scandal, this study identified numerous suitable targets and motivated offenders with some of them being classified as both motivated offender and a suitable...
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...INTERNATIONAL ACCOUNTING FRAUD I INTRODUCTION II HISTORY OF ACCOUNTING PROFESSION AND FRAUD ENVIRONMENT A- Birth of profession B- Lack of accounting STANDARDS III EVIDENCES A- External audit B- Bankruptcy IV MOTIVATIONS OF FRAUD A- Personal initiatives B- Market expectations C- Special circumstances D- Cover-up fraud V METHODS TO REDRESS THE FRAUD A- Court case B- Provisory administration VI CONCLUSION Summary In the book Creative Accounting, Fraud and International Accounting Scandals, by Michael J. Jones, the author provides several important topics with regard to identifying and also correcting fraud. Some of the areas that the author describes is understanding the fraud environment. He also advise creative accounting methods and procedures to redress the fraud. Finally, once those methods are used, the author suggest to identify the evidences to ensure that the accounting method actually fix the fraud issue. “Many scandals occurred because accountants and auditors existing professions standards. Others reveals deficiencies in the standards at that time.” CALLED TO ACCOUNT: fourteen financials fraud shaped the American accounting profession Accounting scandals are characterized by a rapid growth, with high earning smoothing, few outsider on the audit committee, and outsider director that seems to overcommitted. The economic environment of the company, or the personal circumstances of an individual, are important...
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...and Auditing Accountability and Responsibility Act' (in the House) and commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, which set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation's securities markets. The Sarbanes-Oxley Act does not apply to privately held companies. The act contains 11 titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law. Harvey Pitt, the 26th chairman of the Securities and Exchange Commission (SEC), led the SEC in the adoption of dozens of rules to implement the Sarbanes–Oxley Act. It created a new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as auditor independence...
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