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Rakoff says he feels it is part of a federal judge’s role to educate the public and legislators about the need to rethink the way white-collar crime is prosecuted and punished.
Hugh Barlow, mostly white collar crimes are committed by the people of lower social strata in their occupational capacity for instance adulteration of milk by the milk man, selling adulterated food by the shopkeeper, selling expired medicine, taking out few kilos of gas from the cylinder etc.
In fact many cases of insider trading, perjury, obstruction of justice, tax fraud, bribery, extortion etc. White Collar crime is more dangerous than any ordinary street crime because the financial loss to the society from white collar crimes can devastate an entire community rather than robbing a lone victim.
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Thus, it is important to discover suitable social defence resolutions to prevent, detect, investigate and prosecute such criminals and curb this increasing menace of white collar crimes without discouraging healthy business growth.
Big fines paid by businesses that break the law provide no incentive for companies to change cultures that lead to that illegal activity, says Jed S.Rakoff spoke to Insights during a recent visit as part of Stanford GSB’s new interdisciplinary Finance and Society Visitor Program, organized by Anat Admati, the George G. Eisinger, a journalist, also came to Stanford as part of Admati’s visitor program.What incentive would work to change corporate behavior? “I found that to a person, [executives accused of white-collar crimes] feared prison, and they feared it mightily.White collar crimes refer to those anti-social activities which are committed by persons of respectability and high social status in the course of their occupation and profession.Such activities involve variety of injurious actions volatile of regulatory, civil or criminal laws.Despite passing such legislations, white collar crimes have grown commensurately in the nation and mostly go undetected, unprosecuted, and unpunished due to lack of police or authoritative efforts in implementation of such laws or sometimes the legislators and law implementers belong to the same class to which the occupational criminals belong.Also such criminals are educated, intelligent, rich and confident enough to defraud their victims into believing and trusting in their credentials.That is, we must identify the features of the settings that allow the crime to occur.Three major theories are reviewed here that can help in this task: routine activity theory, crime pattern theory, and situational crime prevention theory.It is no longer necessary to argue for the importance of white-collar crime.Its devastating financial and physical effects are obvious.