Examples Of White Collar Crimes
Edwin H Sutherland defined white-collar crime as "a crime committed by a person of respectability and high social status in the course of his occupation". To him, many criminologists fail to recognize that the secretive violations of public and corporate trust by those in positions of authority are just as criminal as predatory acts committed by people of lower social standing (today). White-collar criminals are less likely to be investigated or arrested than the average common criminal, primarily because of their social standing. The most common white-collar crimes are various types of fraud, embezzlement, tax evasion and money laundering.
Every crime is motivated by some type of gain. In the case of Enron-Smartest Guys in the Room, this white-collar crime was motivated by the financial gain and profits to its executives and CEOs. I believe that Kenneth Lay was just greedy and wanted to earn money at all costs. It was by his ambitions, that he leads the company to its own destruction. When Enron declared bankruptcy in December 2001 it became the largest and most complex white-collar investigation in FBI history. We are talking about top executives of America’s seventh largest company walked away with over one billion dollars while investors and employees lost …show more content…
Ken Lay saw an opportunity to gain billions for the company when he learned of the two traders who began betting on the oil markets. They were making consistent profits for the company, but at the same time diverting company money to offshore accounts. When Mr. Lay confronted them, he decided to let it slide by asking them to bring more millions into his company. This is the perfect example as to why this was an organizational crime, he knew what was going on, and because of his personal gain he decided to comply with the
Every crime is motivated by some type of gain. In the case of Enron-Smartest Guys in the Room, this white-collar crime was motivated by the financial gain and profits to its executives and CEOs. I believe that Kenneth Lay was just greedy and wanted to earn money at all costs. It was by his ambitions, that he leads the company to its own destruction. When Enron declared bankruptcy in December 2001 it became the largest and most complex white-collar investigation in FBI history. We are talking about top executives of America’s seventh largest company walked away with over one billion dollars while investors and employees lost …show more content…
Ken Lay saw an opportunity to gain billions for the company when he learned of the two traders who began betting on the oil markets. They were making consistent profits for the company, but at the same time diverting company money to offshore accounts. When Mr. Lay confronted them, he decided to let it slide by asking them to bring more millions into his company. This is the perfect example as to why this was an organizational crime, he knew what was going on, and because of his personal gain he decided to comply with the