Question: Write a note on white collar crimes.Answer: Wha, Assignments of Criminology

Download Question: Write a note on white collar crimes.Answer: Wha and more Assignments Criminology in PDF only on Docsity! Question: Write a note on white collar crimes. Answer: What Is White-Collar Crime? White-collar crime is non-violent wrongdoing that financially enriches its perpetrators These crimes include misrepresentation of a corporation's finances in order to deceive regulators and others A host of other offenses involve fraudulent investment opportunities in which potential returns are exaggerated and risks are portrayed as minimal or non- existent. The term white-collar crime was first coined in 1949 by sociologist Edwin Sutherland, who defined it as "crime committed by a person of respectability and high social status in the course of their occupation." Types of white-collar crimes 1. Fraud Fraud is one of the most common types of white collar crimes. Fraud cases often involve the perpetrator imitating someone else in order to take funds out of the real owner’s bank account. Fraud may help a perpetrator commit identity theft. 2. Bribery Another common form of a white collar crime is bribery. In bribery cases, the perpetrator pays someone in a power position in order to make arrangements that financially benefit the perpetrator or others. For example, a perpetrator may pay a government official. It is often hard for federal regulators to prove and prosecute. 3. Embezzlement Embezzlement refers to a form of white-collar crime in which a person or entity misappropriates the assets entrusted to him or her. In this type of fraud, the embezzler attains the assets lawfully and has the right to possess them but the assets are then used for unintended purposes. 4. Extortion Extortion is defined as the practice of trying to get something through force, threats or blackmail. For example, when you threaten to release embarrassing pictures of someone unless he gives you some specified amount of money. 5. Cyber crime An increasing cause of white collar crimes is due to cyber crime. This type of crime involves collecting credit card numbers and personal identifying information through the use of computers. Some nations even use sophisticated attacks in order to discover classified information that other countries are attempting to hide. Some individuals or nations may make viruses that infect vulnerable computers and send spam or perform other tasks that may help generate funds. 6. Ponzi scheme A Ponzi scheme named after Charles Ponzi, the original perpetrator of such a scheme is another form of white-collar crime. It is an investment fraud that pays existing investors with funds collected from new investors. Organizers of this type of fraud promise to invest the money and generate high returns for investors, often boasting of minimal risk. Instead of investing the money, they keep some for themselves and pay early investors with the rest. 7. Espionage Espionage or spying is typically a white-collar crime. For example, an agent of a foreign government that wants to obtain part of Apple Inc. technology might approach an employee at Apple and offer to pay them huge amount of money if they will provide a copy of the desired technology. 8. Tax Evasion Tax evasion is a white collar crime through which the perpetrator attempts to avoid taxes they would otherwise owe. Tax evasion can range from simply filing tax forms with false information to illegally transferring property so as to avoid tax obligations. Individuals as well as businesses can commit criminal tax evasion. Classification of White-Collar Crime White-collar crime is commonly subdivided into two broad, general categories: 1. Individual crimes Individual crimes are financial crimes committed by an individual or a group of individuals. An example of an individual white-collar crime is a Ponzi scheme. Other individual crimes in this category include identity theft, hacking,