White Collar Crimes

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White Collar Crimes

• By Brent Kohlenberg

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Introduction

• History of White Collar Crimes
• Types of White Collar Crimes
• Defensive Actions to take
• Analysis of Primary Data
• Overall view of White Collar Crimes

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History

• Non-violent crime committed for a financial gain
• Edward H. Sutherland
• Introduced White Collar Criminality in 1939

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Types of White Collar Crime

• Fraud
• Forgery and Counterfeiting
• Embezzlement
• Insider Trading
• Identity Theft

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Fraud

• Most prominent of all the others
• Includes Internet fraud, Insurance fraud, and
  identity theft
• Men commit about 55 of these crimes
• Arrest rates have dropped 21.8 since 1995

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Forgery and Counterfeiting

• Manufacturing of a false product to mislead
  buyers
• 2nd leading white collar crime
• Arrest rates have declined .8 from 1995-2004

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Embezzlement

• Associated with bank employees, public officials,
  or officers of organizations, who take possession
  of others property
• Ex money
• Arrest rates increased 16.5 since 1995

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Insider Trading

• Corporate directors leaking confidential
  developments to outsiders
• Securities Act of 1933 and the Securities
  Exchange Act of 1934
• Find factors that caused 1929 stock market crash

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Scandals

• Enron, Tyco Corporation, and WorldCom
• Sarbanes-Oxley Act of 2002
• main purpose - to review the internal controls to
  protect the investors
• Issues that it addresses are independence of
  auditors, extensive financial disclosure, and
  establishing a public company accounting
  oversight board

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Identity Theft

• Fastest growing form of crime, not only in the
  United States but in the world.
• This crime occurs when an imposter uses another
  persons personal information to take on that
  person's identity.
• Social Security number or drivers license number
• Can create a criminal record or leave outstanding
  warrants

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Forms of Identity Theft

• True name takeover
• Uses the personal information of the individual
  to open a new account.
• Open checking accounts, obtain a new credit card,
  or order blank checks.
• Account takeover.
• The thief uses the personal information of the
  individual to overtake or gain access to their
  current accounts.

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Sentencing for Criminals

• SourceNW3C

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Defense Against Crime

• Dont judge the initial appearance of the website
• Be careful about giving personal information out
  online
• Be very careful about dealing with someone on the
  Internet who conceals his/her true identity, and
  use a secure browser.
• Integrate biometrics into your lifestyle and
  workplace

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Organizations

• National White Collar Crime Center (NW3C)
• US Department of Justice
• Federal Bureau of Investigation (FBI)
• Securities and Exchange Commission (SEC)

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Primary Research

• 17 girls and 18 guys.
• 14.3 didnt even know what a white collar crime
  consisted of.
• The major/minors of these five students ranged
  anywhere from Mathematics to Sociology.
• 14.3 knew of someone that was a victim of a white
  collar crime.
• Identity Theft
• Ranked the crimes as follows
• 1. Identity theft, 2. fraud, 3. forgery, 4.
  insider trading, 5. embezzlement.
• Punishments averaged about a 3.6 which is in
  between a minor misdemeanor plus a bond and a
  felony.

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Works Cited

• NW3C. (May 2006). White Collar Crime
  Statistics. Obtained on January 25, 2007.
  http//www.NW3C.org
• Robertson, Melissa A. (1998). Speech by SEC
  Staff Insider Trading A U.S. Perspective.
  http//www.sec.gov/news/speech/speecharchive/1998
  /spch221.htm
• Bosworth, Derek. (2002). The Economics and
  Management of Global Counterfeiting. Obtained
  on February 11, 2007. http//www.ulb.ac.be/cours/
  solvay/vanpottelsberghe/r esources/rsaem_39.pdf
• Network Security Journal (NSJ). (2006). Identity
  theft - News, Stats Information. Retrieved
  January 27, h2007. http//www.networksecurityjou
  rnal.com/200 6/06/identity_theft_.html

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Any Questions?