White Collar Crime Study Guide Essay Sample

*corporate offense: any act committed by a corporation that is punished by the province. irrespective whether it is punished under administrative. civil. or condemnable jurisprudence *corporate force
* monetary value repair: industry leaders set inflated monetary values & A ; rivals adjust their ain monetary values consequently *price gouging: when a marketer monetary values points unreasonably high or unjust. *predatory pricing: the or moving of selling a merchandise or service at a really low monetary value. meaning to drive rivals out of the market *robber barons: ( Rockefeller. Carnegie ) were involved in every mode of graft. fraud. stock use. monetary value force outing. development of labour. etc. *Sherman Antitrust Act: prohibits any understanding among rivals to: -Fix monetary values

-Rig commands
-Engage in other anticompetitive activity
*Adulterated goods: when ingredients of a good are toxicant. filthy. putrid. otherwise insanitary or contaminated * Paper enterprisers: investors who are chiefly concerned w/ short term net income *Fracking: the procedure of pull outing natural gas.

*Misbranded goods: usage of false or deceptive information. labels. packaging. or containers *Love Canal: toxic waste instance. schools and occupants built around the country were exposed to exhausts and chemicals. It was linked to more than 5000 deceases and Hooker was forced to pay 20 million to the occupants. *Federal Food. Drug and Cosmetic Act: designed to protect the wellness & A ; safety of the populace by forbiding the sale of unsafe goods -Prohibits the debasement or misbranding of any nutrient. drug. device. or decorative interstate commercialism. * Ford Pinto: it had defects and car merchandises that contributed to accidents and human deaths despite greater attending to safety characteristics. *Johns-Manville instance: he was guilty of selling stuffs that contained asbestosis and fraud and confederacy. *Anti-kickback Act: prohibits the offer. solicitation. payment. or reception of anything which is intended to bring on the ordination or prescribing of an point that falls under a federal health care *Horizontal price-fixing: understandings among Sellerss to set up upper limit or lower limit monetary values

*Vertical price-fixing: a jobber sets monetary value at which retail merchants may sell certain merchandises *Chargebacks: are tax write-offs shops take to cut down their payments to providers b/c of faulty or unwanted ware *Price Bullying: declining to pay a maker a just monetary value for goods even when cost of production additions *Trademark Violation: “passing off” ; the shaper of a merchandise uses a name. logo. or other placing the features to lead on consumers into believing that they are purchasing a merchandise of a rival *Corner Goods: those merchandises that a client knows the traveling monetary value for and are likely to shop for the best trade *Four Loko Case: FDA determined that caffeine as used in Four Loko was an insecure additive. therefore the merchandise is considered debased Corporate Crime Key Points

• The function of the corporation in modern society: the chase is the chief principle for the corporation • The assorted signifiers of corporate force that are directed at the populace. consumers. and Workers and how it differs from conventional force

Public: Thymine
• The assorted signifiers of maltreatment of power. fraud. and economic development that are directed at citizens and taxpayers. consumers. employees
Occupational Crime Key Footings
*Academic Crime
*Caveat Buyer: allow the purchasers beware ; has traditionally regulated the relationship between purchasers & A ; Sellerss *Unbundling: charge for higher process codifications than performed *Conflicts of Interest: professional function struggles w/ ain private involvements as an single *Embezzlement: act of venally keep backing assets for the intent of larceny of such assets by one or more persons. *Employee Crime

*Fraud: knowing misrepresentation for personal addition or to damage another person. *Company Property: refers to chiefly basic. bulky. constituents. & A ; tools *Personal Property: monogrammed vesture. billfolds. jewellery. personal modified tools. etc. *Short deliberation: merely cognize that this is a type of retail offense. *Bait-and-switch: merely cognize that this is a type of retail offense. *Property of unsure ownership: little cheap points like pens. pencils. nails. bolts. bore spots. etc. *Legal Crime: attorneies prosecuting in condemnable behavior in the class of dispatching their professional responsibilities *Medical Crime

*Intellectual Larceny: larceny one’s work/ thoughts & A ; bring forthing it as your ain *Occupational Crime: offenses committed by persons for themselves in the class of rendering a service. *Religious Crime: illegal or harmful behavior committed specifically in the context of their spiritual entity *Upcoding: charge for higher process codifications than performed *Retail Crime:

*Sabotage:
* Plagiarism:
*Professional businesss: are characterized by higher instruction & A ; preparation. proficient cognition & A ; accomplishments. & A ; a high grade of liberty *Gang visits: charge for multiple visits
* Ping-ponging: mentioning clients to other doctors in the same office *Family ganging: seeking to acquire the whole household in for check-ups * Guidance: directing patients to peculiar specializers or pharmaceuticss *Chiseling: refers to rip offing or victimizing

*Pilfering: refers to petit larceny
*Fraud: is theft through deceit
*Embezzlement: refers to the devastation or deceitful appropriations of another’s money which has been entrusted to one’s attention Occupational Crime Key Points
• The different occupational offenses committed by little concerns
*Fraudulent advertisement
*illegal pricing patterns
*sale of fraudulently represented ware
*purchase and resale of stolen goods
• The different occupational offenses committed by employees
*theft of thoughts. designs. and expressions.
*employees may perpetrate sabotage intending they conceal their ain mistakes. to derive clip off. to show their disdain and choler with their work and employer. • The different occupational offenses committed by professionals in
the: -medical

*taking or offering kickbacks
*false and deceitful charge
*unnecessary processs
-legal
*discharging their professional responsibilities ( covering up things ) -academic
*plagiarism
*embezzlement
*forgery
*false claims about certificates
*phony research
*Intellectual larceny
*ACADEMICS GENERALLY ENGAGE IN LESS CRIME THAN DO ITHER PROFESSIONALS ( fewer chances ) -religious Fieldss
*using offerings or contributions for corrupt intents.
*may generate bottomless well of trust among fleeceable trusters.
*Ex. Jim and Faye Bakker of PTF Ministries in the 80s and Benny Hann in the 2000s

• Know the findings from David Caplowitz’s research on maltreatments of the hapless -Being overcharged
-Sold inferior goods
-People victimized by:
*deceptive recognition patterns
*Complicated contracts
*lawsuits endangering pay garnishment
• Know the costs associated with unneeded car fixs ( Millions? Billions? Millions? )

-BILLIONS are spent on unneeded fixs yearly
• Know the findings from research on employee larceny:
-more likely to be immature single males
-more likely to steal from big organisations than little 1s -Employees dissatisfaction=higher rates of employee larceny -Opportunity is a major determiner of employee larceny
*Those with greater entree to things worth stealing are the most likely to make so Finance Crime Key Footings
*Securities: a fiscal instrument from which an investor expects to derive fiscal benefit *Derivatives: allow hazard related to the monetary value of the implicit in plus to the transferred from one party to another *Hedging: Making an investing to cut down the hazard of an unfavourable monetary value motion for an plus. *Hedge Fund: an investing fund that can take on a wider scope of investing and trading activities. but which is merely unfastened to certain investors specified by regulators * Savings and Loan Fraud:

* Insider trading: The illegal pattern of trading on the stock exchange to one’s ain advantage through holding entree to confidential information. * Sam Waksal: arrested on insider trading charges for charges for informing friends & A ; household to sell their stock. & A ; trying to sell his ain *ImClone Case: stock monetary values dramatically after drug was non approved by the FDA *Martha Stewart: sold about $ 230. 000 in ImClone portions merely a twenty-four hours before the proclamation of FDA determination ; found guilty & A ; sentenced to 5mths in prison. 5mths place confined. & A ; 2yrs probation. NOT FOR INSIDER Trading. but for lying about a stock sale. confederacy. & A ; obstructor of justness *Raj Rajaratnam: Former hedge fund director and laminitis of Galleon Group in NY. arrested on allegations of insider trading and was found guilty. *Investors: purchase securities in order to derive the involvement involved in lending their money ; can be persons. or companies like AIG. school territories. etc *Incentives:

*S & A ; L Crisis:
*Commercial bank: take sedimentations ; impart money ; gross revenues & A ; securities firm of fiscal merchandises ; hard currency direction *Investment bank: DO NOT take sedimentations from clients ; oversees the issue of securities *Glass-Steagall Act: limited commercial bank securities activities & A ; associations b/tween commercial Bankss & A ; securities houses *Gramm-Leach-Bliley Act: cited as an of import cause of the fiscal crisis. under president Clinton and it appealed the limitations of the glass steagall act. *Thrift: a fiscal establishment that accepts nest eggs sedimentations and makes mortgage. auto. and other personal loans to single members. *The 1982 Garn-St. Germain Act: this deregulated the nest eggs and loans associations and allowed Bankss to supply adjustable-rate mortgage loans. *Parking: sale of a security that are purchased to be purchased by the marketer at a ulterior clip. This manipulates supply and demand. *Churning: stock agent sells stocks in order to do money off of client. *Raghuram Rajan: Former President of the American Finance Association ( AFA ) . and was antecedently the main economic expert of the International Monetary Fund ( IMF ) . *Smurfing: Interrupting big amounts of money into many smaller units so as to non hold to describe it to the Treasury Department.

Finance Crime Key Points
• Have a basic thought about how derived functions are used
• The assorted fiscal offenses: Money Laundering. Securities Fraud. Insider Trading. and Savings and Loans Crisis. • The insider trading instances affecting ImClone and Galleon Hedge Fundss: ImClone: Samuel Waksal was convicted for giving information to household and friends to sell their stocks before FDA released information saying that drug was non approved. Marth aStewart arrested because she lied about stock sale and lied ( confederacy and obstructor of justice. ) Galleon Hedge Fund: Raj Rajaratnum ( laminitis of the hedge fund ) was sent to imprison for securities fraud. believed to hold obtained inside information from assorted companies. Sentenced to 11 old ages in prison with 92. 8 million dollar mulct. • The assorted tactics that Bankss use to maximise their net incomes and darnel clients out of involvement or charge inordinate fees

Overdraft fees.
• Be familiar with the rudimentss of the S & A ; L crisis of the 1980s this was dubbed as the biggest bank robbery of all time. it was the failure of approximately 747 out 3234 nest eggs and loan associations of the US • Be familiar with Rajan’s statement about the construction of inducements for traders/managers directors compensation should be sensitive to investing returns. nevertheless that is frequently non the instance. the wagess for executives for good minutess far outweigh the negatives for bad 1s. less penalties and more wages for investing returns gives directors the inducement to take more hazard. the differential association theory explains this. • Know the issues environing recognition evaluations

Fraud and Cyber Crime Key Footings
* Fraud: larceny by misrepresentation
* Identity larceny:
*Phishing *”Boiler Room” Scams: a room where salesmen work utilizing unjust. dishonest. gross revenues tactics * Computer viruses:
* Worm: a more malicious stand entirely piece of codification which does non alter computing machine files and can reproduce itself and reassign from computing machine to computing machine. *Trojan Equus caballuss: refers to unauthorised plan contained within a legitimate plan that performs maps unknown by the user. * 4 stages of a virus: hibernating stage. extension stage. triping stage. and executing stage. * hacking: 1 who additions unauthorised entree to a computing machine system file or web by utilizing their specialised cognition of computing machines. *white-hat hackers: “ethical” hacker. one who exploits the failing of a computing machine system to indicate n out exposures but non for personal addition *black-hat hackers: seek out exposures & A ; exploit them for malicious intents such as personal addition. or to steal or destruct informations

* Kevin Mitnick: one of the most wanted computing machine felons in the US convicted of assorted computing machine related offenses. gained unauthorised entree to tonss of computing machine webs such as the FBI. IBM. Motorola. and Nokia. *dumpster diving: rummaging through the victims trash or rubbish of concerns to “mine” personal informations *4 Environments of a virus: file virus. boot viruses. macro viruses. and web viruses. *Backdoor Sub Seven Trojan: one time installed allows a distant onslaught practical control over the septic machine. *Identity Larceny

*Nigerian “419” Fraud: Spam electronic mails. and pecuniary compensation for personal information. *Shill Bidding: bogus command done by marketer to blow up the monetary values. *Click Fraud: advertizers pay for each chink on their ads. Rivals may be intentionally driving their advertisement costs up by fraudulently snaping on their advertizements. *CFAA: designed to forbid classified information contained in authorities computing machines. Expanded in 1986 to 1996 to cover most deceitful concern patterns which one conducted over the cyberspace. *Social Technology: the act of pull stringsing people into executing actions or unwraping confidential information instead than by interrupting in or utilizing proficient snap techniques. *Computer Crime: refers to offenses in which the culprit uses particular cognition about computing machine engineering. *Fraud: as it relates to computing machine offenses. fraud represents any usage or hocus-pocus. misrepresentation. or disproof affecting computing machines to obtain money. services. or belongings. *Ponzi or Pyramid Schemes: Pyramid schemes affect a merchandise while ponzi strategies merely shufflings money around. *Cybercrime: refers to offenses in which the culprit uses particular cognition of internet. *Data Victimizing: a process used by insiders to put false information into a computing machine as in puting a false name on a paysheet or paying a fradulent measure. *Phreaking: telephone hacking

*Hitman Scams: an emailer claims to hold been sent an assassinate a victim. but the victim would be spared if he/she wires money abroad *Job site cozenage: victims are persuaded to supply personal information or transcripts of paysheet cheques merely to happen their bank history drained. *Pigeon bead

Fraud and Cybercrime Key Points
• The assorted types of cyber offense: this is a assortment of offenses utilizing the computing machine such as kid pronography. hate offenses. teleselling. and internet fraud. • The common types of viruses and malicious codification:

Dardan Horses. Worms. File Viruses. Macro viruses. Network Viruses. and Boot Viruses. • The different types of hackers: White hat-hackers and Black hat-hackers • Be familiar with common fraud strategies including Ponzi and Pyramid Schemes Bernie Madoff- Ponzi Scheme

Mona Vie Acai Berry Juice- Pyramid Scheme
• Pay stopping point attending to the broad array of strategies described in your reading o Pages 160-170 ; 173-180 ; 185-187 ; 268-276