WHITE COLLER CRIME
Reportedly coined in 1939, the term white-collar crime is now synonymous with the full range of frauds committed by business and government professionals. Crime that is committed by salaried professional workers or persons in business and that usually involves a form of financial theft or fraud .These crimes are characterized by deceit, concealment, or violation of trust and are not dependent on the application or threat of physical force or violence.
White-collar crime is a nonviolent crime committed for financial gain. According to a key agency that investigates these offenses, these crimes are characterized by deceit, concealment, or violation of trust. The motivation for these crimes is to obtain or avoid losing money, property, or services, or to secure a personal or business advantage.
white-collar crimes include securities fraud, embezzlement, corporate fraud, and money laundering.
White-collar crime is non-violent wrongdoing that financially enriches its perpetrators.
These crimes include misrepresentation of a corporation's finances in order to deceive regulators and others
A host of other offenses involve fraudulent investment opportunities in which potential returns are exaggerated and risks are portrayed as minimal or non-existent In the decades since, the range of white-collar crimes has vastly expanded as new technology and new financial products and arrangements have inspired a host of new offenses. High-profile individuals convicted of white-collar crimes in recent decade. In which fraudulent e-mails request help in sending a substantial amount of money.
The majority of corporate fraud cases involve accounting schemes that are conceived to deceive investors, auditors, and analysts about the true financial condition of a corporation or business entity. Such cases typically involve manipulating financial data, the share price, or other valuation measurements to make the financial performance of the business appear better than it actually is.
Money laundering is the process of taking cash earned from illicit activities, such as drug trafficking and making the cash appear to be earnings from legal business activity. The money from the illicit activity is considered dirty and the process Launders the money to make it look clean. Criminals who engage in money laundering derive their proceeds in many ways including healthcare fraud, human and narcotics trafficking, public corruption, and terrorism.
Criminals use a dizzying number and variety of methods to launder money. Among the most common, though, use real estate, precious metals, international trade, and virtual currency such as Bit coin.
The number of steps involved in money laundering, along with the often-global scope of its many financial transactions, makes investigations unusually complex. Many companies, especially those involved in finance and banking, have anti-money laundering (AML) rules in place to detect and prevent money laundering.
Securities and Commodities Fraud apart from corporate fraud noted above, which primarily involves falsifying corporate information and using inside information to self-deal, a host of other crimes involve duping would-be investors and consumers by misrepresenting the information they use to make decisions.
Other Financial Crimes, promissory note fraud, in which generally short-term debt instruments are issued by little-known or nonexistent companies, promising a high rate of return with little or no risk. Commodities fraud is the illegal sale or purported sale of raw materials or semi-finished goods that are relatively uniform in nature and are sold on an exchange, including gold, pork bellies, and coffee. Often in these frauds, the perpetrators create artificial account statements that reflect purported investments when, in reality, no such investments have been made..