White-collar crime is becoming well known within the business community. White-collar crimes may be defined as fraud, insider trading, embezzlement, computer crime, medical crime, public corruption, identity theft, environmental crime, pension fund crime, consumer fraud, occupational crime, securities fraud, financial fraud, and forgery. This is an unethical crime that seems to be gaining steam in the business world. Just the idea of white collar crime existing drives up the cost of most every thing that we use in out everyday lives to include interest rates and so on. Such activities happen on a daily basis but is rarely caught.
Statistically speaking, white collar or economic crimes account for 42% of crime as a whole. This is a staggering figure because this is calculated from the crime that we know of or what has been caught. Fraud is a crime that is defined as an act of misrepresentation in the intent to delude results in 9% of the 42%. Next is larceny and may be defined as, “Unlawful taking or attempted taking of property (other than a motor vehicle) from the possession of another, by stealth, without force and without deceit, with intent to permanently deprive the owner of the property”. (UCR Crime Index). Larceny accounts for 31% of economic crimes in the Unites States. I found larceny to be interesting because as an everyday individual, I never would have thought that this would be part of white-collar crimes. However, it was explained to me that due to the lack of violence and directly impacted the economics, it fell into the white-collar crime category. Embezzlement is a crime that may be defined as “The fraudulent appropriation by a person to his own use or benefit of property or money entrusted to him by another” UTCourts Legal Glossary.
Investigating these crimes are turning out to be quite the challenge. In many cases it take years to acquire enough evidence to prosecute and even longer in trial. To investigate these crimes, the investigators have to overcome incredible challenges. Due to the nature of the crime, in many cases it must start by someone giving information that the crime has taken place. This a huge challenge due to the fact that most white collar criminals are highly influential and carry a significant amount of power. White-collar crimes have a wide variety crime under one label. The true victims of these crimes are all of the law-abiding citizens that have to pay for these crimes through increased prices and loss of jobs.
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