The white collar crime has been extended to cover a whole array of criminal behaviors that have the end result of financial gain. The crimes themselves are nonviolent in nature but make use of intellect and are therefore commercial in nature. The majority of people found engaged in such are the professionals in both the business world and government.
The white collar affix is in reference to the official wear of the individual involved in a suit. At present, modern day technology has not helped matters as white collar crimes are now being perpetrated with the shield of computers and other technological advancements. Information can now be gotten anywhere via the use of social media. It is important to contact a lawyer if you think someone is trying to scam you. Dallas IRS lawyer, Lawrence Brown, often suggests people thoroughly vet anyone asking them to invest money in any sort of business.
It is easy to be fooled that seeing as the white collar criminals do not carry guns or harmed objects, then their crimes are in no way malicious. This is wrong as their crimes hurt society the same way other illegal misconducts do. The following is a look at some of the infamous white collar crimes that not only affected but caused the ruin of a lot of individuals. The conscious decision to steal from the hard work of others was malicious in its intent and most of them rocked the history boats.
CHARLES PONZI – THE ORIGINATOR
Charles Ponzi can be regarded as the most famous man in history when it comes to white collar crimes. Even if white collar crimes existed before then, more reference is drawn from the Charles Ponzi period than anywhere else. This is further justified by the fact that when it comes to crimes of a similar nature committed in the modern day, they are regarded as Ponzi schemes.
The Ponzi fraud rocked the history boats in the 1920’s where Charles Ponzi would seek for money from a wide array of investors promising huge returns when the money of different investors was actually been used to counteract the returns. If anyone is known as the godfather of the white collar crimes, then it would be an apt title.
MICHAEL MILKEN – INSIDER TRADING
In the 1980’s Drexel Burnham Lambert Inc a company of Michael Milken actively sourced for funds from investors so as to aid in merger and acquisitions. This bonds more aptly termed junk bonds were supposed to have high yields for investors according to Milken when the reverse was the case. Information was then released to an outsider to sell the bonds for more than they were worth in a bid to jump ship without losing money
JACK ABRAMOFF – FRAUD & BRIBERY
In present day America, Jack Abramoff is seen as a reference point in modern day white collar crimes. A joint task force had to be set up by the US government to investigate all connections to fraud. His crimes extend beyond defrauding Native Americans who were clients of his as well as bribing state officials. One of the most notable politicians on his payroll was Ohio congressman Bob Ney who was also sent to jail.