Notes on white collar crime. White Collar Crime Notes on nature scope of white collar crime 2022-10-30
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White collar crime refers to financially motivated, nonviolent crime committed by business and government professionals. These crimes are typically committed for the purpose of financial gain, and can involve activities such as fraud, embezzlement, insider trading, and bribery.
One of the key characteristics of white collar crime is that it is often committed by individuals in positions of trust, such as corporate executives, politicians, and financial professionals. This trust allows these individuals to access sensitive financial information and to manipulate systems for their own benefit.
One of the most common forms of white collar crime is fraud. This can take many forms, including securities fraud, insurance fraud, and bank fraud. Securities fraud, for example, involves manipulating the stock market through the dissemination of false or misleading information. Insurance fraud involves making false or exaggerated insurance claims in order to receive payment. Bank fraud involves using false or unauthorized means to obtain money, assets, or other property from a financial institution.
Another common form of white collar crime is embezzlement. This involves the theft of money or property that has been entrusted to an individual in a position of trust, such as an employee who embezzles from their employer. Insider trading, which involves the use of non-public information to make financial trades, is another example of white collar crime.
Bribery is also considered a form of white collar crime. This involves the offering, giving, receiving, or soliciting of something of value in order to influence the actions or decisions of another person.
The consequences of white collar crime can be severe. In addition to criminal penalties, such as fines and imprisonment, individuals convicted of white collar crimes may also face professional consequences, such as the loss of their license to practice in their field. Companies and organizations that are found to have engaged in white collar crime may also face significant financial penalties and damage to their reputation.
In order to combat white collar crime, it is important for businesses and governments to establish strong internal controls and to implement effective compliance programs. These measures can help to prevent and detect white collar crime and to ensure that individuals and organizations are held accountable for their actions. It is also important for individuals to be aware of the signs of white collar crime and to report any suspicious activity to the appropriate authorities. Overall, it is important for society to recognize the significant impact that white collar crime can have and to take steps to prevent and address it.
White Collar Crime: The Essentials Chapter 1 Notes
It cannot be explained by somatotypes, infantile regression, low intelligence, psycho- pathy, broken homes, or the host of other "deprivation" hypotheses. SUTHERLAND, WHITE COLLAR CRIME 234 1949. The case was mainly regarding the manipulation of the accounts and providing misleading information. Ultimately, tensions increased to the point where nearly a dozen of the unpaid clients marched in front of Mr. ICICI Bank engaged retired Supreme Court Justice B.
While admitting that regulatory laws and deviations from these laws have a good deal of sociological relevance, such critics would presumably limit criminological activity to the study of conventional law violations. This type of crime incurs a significant financial loss to investors and can damage the U. The real plea is for a change in the mores basic to attitudes about what is to be considered right or wrong in business practice. Conceiving of oneself as a "criminal" as contrasted to "lawbreaker" or even "nonconformist" ordinarily involves a subjective definition of criminal according to the popular stereo- type of the lower-class armed-robber, burglar, or racketeer, or the newsprint descrip- tion of the murderer. The former telecom minister A Raja has evaded norms at every level and carried out the dubious 2G scam in the year of 2008.
These, then, are mala prohibita, crimes created by legislative bodies, in con- trast to most of the conventional criminal code, which is viewed as merely a legisla- tive expression of "natural" crimes, mala in se. And many thousands more investors, some of whom were deliberately ill-advised by their advisors at companies like Merrill Lynch, lost untold millions. But the generalization of such phenomena and the incorporation of facts concerning illegal behavior of the higher classes into theories of crime causation is a product of recent effort. Based on the report, 21 officials were suspended by PNB. It held that - correspondence exchanged for the dominant purpose of obtaining advice or evidence in respect of litigation, would be protected by litigation privilege.
The question of private placement of shares can be treated as offer was raised? Union of India25, observed that agency having disclosed a prime facie case against the public servant. The concept of bribe is not a new concept in India. Certainly, an individual's self- conception is of paramount importance to the social psychologist, and this issue is not denied by the advocates of a broadened definition of crime. There were reports that the allegations pertained to certain instances of sexual harassment in 2016, which were denied by Mr. At this stage of criminological growth, only very speculative judgments about control can be made.
White Collar Crime Notes on nature scope of white collar crime
The amount of death caused by corporate mishap, such as inadequate pharmaceutical testing, far outnumbers those caused by murder. A great deal more research is needed, of course, but by its very accept- ance in criminological circles, white-collar crime will force researchers to explain more thoroughly the relationship of personality to subcultural influences, to make more thoroughgoing explorations of role and role conflicts, 5 " and to deal much more comprehensively with social deviation in general. Taft asks, "What liberties are we prepared to sacrifice in the interest of crime prevention? Many of these techniques may not be applicable to white-collar crime; others are virtually impossible to apply. REGULATION FOR ITS ENFORCEMENT 7 949. SEBI:- It was a case of issuing misleading information and clause in prospectus of company. Punjab National Bank "PNB" : The Bank was faced with a USD 2 Billion fraud involving diamantaire Nirav Modi and Mehul Choksi.
Where was the government while Scott Sullivan at WorldCom was pretending that operating expenses were capital expenses? Allegations of securities fraud are investigated by the Securities and Exchange Commission SEC andÂ State authorities can also investigate investment scams. Conduct which violates any group norm should also be studied. In case of Nidhi Kain v. White collar crime is not a new phenomenon. This was, in fact, demonstrated.
Fed Chairman Greenspan now says that his view had always been that government regulation of accounting was "unnecessary and indeed most inappropriate. The English Court of Appeal recently ruled that:1 Litigation privilege will apply to communications between clients and their attorneys if there is reasonable contemplation of criminal proceedings, and litigation must be the sole or dominant purpose of investigation. There is no physical transfer of money in hawala operations as in the regular banking channels. A terrible result of corporate unethical and criminal behavior is the effect on employees and investors in companies like Qwest, Enron, WorldCom, and many others. WHITE-COLLAR CRIME sentenced to imprisonment, although the adulteration might be an honest mistake or an "act of God" rather than the result of intentional or negligent behavior on his part. In fact, white-collar phenomena have been fitted into or tested against many theories. Since the sociological emphasis is on processes in producing deviant behavior rather than on defining crime, criminology should not limit itself to formal laws as the norms from which deviation is measured.
White Collar Crime: The Essentials Chapter 13 Notes
The fraudulent activities of Nirav Modi and Brady House Branch of PNB were revealed after complaints made to Central Bureau of Investigation by forex banks. Likewise, Clinard reports not only the deliberate nature of many black market violations, but the high proportion of businessmen who felt that most such violations by their colleagues were, indeed, intentional ° It is admitted by all who study white-collar violators that generally they do not conceive of themselves as criminals, but at most as "lawbreakers" or even, in a tradi- tional rationalization, as "shrewd businessmen. Modern criminologists do not study criminal behavior in toto, but types of criminal behavior. In a subsequent judgment2, the English Court of Appeal placed fetters on the liberal interpretation of privileged documents. Justice Srikrishna was assisted by a law firm and a forensic audit company. Many, like the executives, sold their shares before the company collapsed, raising serious questions of corporate governance and oversight. Main reasons for which these white Collar criminals or occupational criminals go unpunished are: i Legislators and the law implementers belong to the same group or class to which these occupational criminals belong; ii Less police effort; iii Favorable laws; iv Less impact on individuals.