White-Collar Crime

White-Collar Crime 

Definition of White-Collar Crime
Crimes that are committed using deceptive practices for financial gains.
The actual term “white - collar crime” was coined by Edwin Sutherland, Professor of Sociology, 29th President American Sociological Society.
Sutherland described such crimes as “a crime committed by a person of respectability and high social status in the course of his occupation.”
Common Types of White-Collar Crime
The term white collar crime covers a wide array of crimes, but they all involve crimes committed through deceit for the purpose of gaining money or other assets.
White-collar crimes can often be difficult to prosecute, as the perpetrators take sophisticated steps to ensure their illegal activities are difficult to detect.
The most common types of white-collar crime:

• Fraud'>Fraud
• Insider Trading
• Bribery
• Forgery
• Embezzlement

Other Types of White Collar Crime:

• Tax evasion
• Ponzi schemes
• Pyramid schemes
• Bank fraud
• Racketeering
• Healthcare Fraud etc.

Fraud
Fraud is committed by misrepresenting facts in order to gain something in return. The crime of fraud requires four elements:

• The perpetrator made a statement of fact that he knew to be false
• The perpetrator intentionally made the false statement
• The victim believed the statement to be true, relied on the statement, and lost something of value, based on his belief

Example of Fraud
Joseph responded to an ad about an apartment for rent. He met with the supposed landlord, toured the apartment, and agreed to rent the apartment by signing a lease. Joseph paid the security deposit and first month’s rent up front. The next week, Joseph went to the apartment to pick up the key, and learned that someone else actually occupied the residence.
After doing some investigation, Joseph learned that the apartment was not for rent at all, but that the man he met with and gave the money to was not the property owner. In this example of white collar crime, the man who posed as the owner to swindle money out of a prospective tenant has committed fraud.