When someone hears the word “crime,” crime scenes and unfortunate victims being mugged in grimy alleys effortlessly come to mind; however, violent crime isn’t the only variation of crime. When opulent corporate executives in expensive foreign suits commit complex schemes for financial benefit or coy deliverymen charm old folks out of their retirement money, they’re guilty of nonviolent but equally as serious crimes known as “white-collar crimes.’
White-collar crimes such as antitrust violations, counterfeiting, intellectual property theft, insider trading, and credit card fraud may not incorporate violence. Still, the impact on society, individuals, and even the economy can be paralyzing. For instance, Bernie Madoff ran a multibillion-dollar Ponzi scheme that exploited thousands of investors. There are various types of white-collar crimes, but the following are the most common.
Corporate Fraud
As stated by the FBI, the majority of the instances of corporate fraud they investigate typically involve insider trading, schemes designed to conceal fraudulent corporate activities, falsification of financial information, and hinder the regulating organizations such as the Securities and Exchange Commission from handling their queries.
Embezzlement
Embezzlement occurs when a person who was given the responsibility to by another person or an employer to handle property or money misuses their authority to confiscate funds. For instance, embezzlement is when an employee finds ways to funnel their company’s finances into their bank account. Another is when a politician uses campaign capital for personal expenses.
Ponzi Schemes
Ponzi schemes are named after the man who started them, Charles Ponzi. He was a con man who allegedly earned $250,000 a day via his mail coupon fraud scheme in the 1920s. A Ponzi scheme is a sort of investment scam that guarantees high returns for little to no risk. Organizations or people participating in Ponzi schemes center their energy and efforts into attracting new investors to pay for the older ones. Eventually, the system collapses after the flow of new customers stops, and the flow of new investments dries up.
Extortion
Extortion transpires when a person pressures an institution or another person into giving up money, property, or services. For instance, when gangs force shop owners to pay for “protection” fees. Another is when a blackmail sufferer pays money to keep someone from publicly humiliate them, harming their reputation, or divulging information.
Bankruptcy Fraud
A person troubled by insuperable debt file for bankruptcy and be relieved of their financial burden. But this relief comes at the cost of creditors who can only be given a share of the debtor’s nonessential assets, which are assets that are considered unnecessary for maintaining a job or a household. However, if a filer intentionally conceals their property by inaccurately filling out the bankruptcy paperwork, they will be accused of bankruptcy fraud.
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