Despite of our individual freedom and equal opportunity, we live in a society where the harsh realities include social and economic inequalities of class, race, and ethnicity, as well as of age and gender. Our society also analyzes issues of social and economic inequality, crime, and criminal justice. The trend of white collar crime has increasingly gone undetected in our global economy and many are obtaining the rewards. The three various elements that will thoroughly be discussed are organized crime, consumer related fraud, insider related frauds, and how it has impacted society.
The crimes of corporations have shown that they have committed crimes against one or more of the following victims: 1. Consumers 2. Competitors 3. Stockholders 4. Investors 5. Inventors 6. Employees 7. Against the States These crimes are in comparison with professional theft with many similarities and differences. “White collar crime is a conduct in violation of the law that is committed by a person of respectability and high social status opportunities created in the course of a legal occupation”(Cole, 2005).
White collar crime is not associated with poverty or with social and personal concept which accompanies poverty. Organized criminals provide goods and services to millions of people. They engage in any illegal activity that provides a minimum risk and a maximum of profit. The ultimate solution to organized crime will not be achieved through enforcement alone. The support to the control of organized crime may be viewed as the importance of public awareness for control of organized crime. Organized crime has impacted the public’s perception and they do not have the same organized resentment against white collar crimes.
Society’s perspective about white collar crimes are not stereo-typed and are not conceived to be “criminals” like many other criminals that have serious felonies. This is another aspect of a different word for the same essence. “Consumer related fraud may be defined as an intentional act to cause another to surrender money or property over which he or she has a right” (Braithwaite, 1984). Consumer fraud is a serious problem that is increasing and the number of victims. The outcome is a nationwide loss of confidence in our economical system. Consumer fraud covers all forms of financial transactions and assumes various elements.
It is the most menacing form of fraud that aims at vulnerable members of our society with deception. Consumers have to pay a percentage for goods and services in order to reimburse for the costs of fraud losses and for money exhausted on preventions and security. Many class of consumer fraud usually involves some sort of forgery. “Forgery is the making of a false writing that has some apparent legal significance” (Cole, 2005). Land fraud is one of the many fraudulent acts that has become prevalent and has cost the consumers billions of dollars in the last several years.
When I had my house built in Florida this was one of my main concerns and real estate fraud. It is an excellent opportunity to invest when society does not have to worry about the risk involved. Consumer frauds are numerous and are impacting our society by being more elaborate and unrepresentative to the overwhelming public out of billions of dollars each year. These billions of dollars that are being stolen are already displayed in the consumer’s prices and rates during that year. As consumers reduced the amount during periods of recession, fraud may not decrease and continue to put additional strain on the economy.
Insider related fraud involves the misuse of one’s position in order to realize some monetary gain or privilege” (Pace& Style, 1995). Embezzlement is an insider related fraud that can not be classed, grouped, or confined to any individuals. “Embezzlement has cost the public more than seven billion dollars annually” (Pace& Style, 1995). It is a serious crime in which annual losses can exceed billions. They abuse for personal gain of confidential information that is acquired during the period of their employment.
The victim can be another individual, a firm, or even a government agency that has placed the individual in a position of trust. Insider related frauds can be described as unethical characteristics of individuals in our society. This has impacted our society by all individuals in our strata. Greed is one of the motivators to commit a fraudulent act and deplete our resources, and affect communal services. In conclusion, white collar crime has continued to be serious in nature and continues to increase economic hardship for the average citizen and consumer.
It has demonstrated that organized crime does indicate that there is societal dishonesty. Organized crime has been pervasive due to society lack of awareness of its existence. It has also shown that individuals from the upper socio-econonomic class commit many crimes and violate with great frequency. This does not justify that they are more criminal or less criminal than the lower class. It is also critical to examine and consider preventative measures for the corporate world and the trend of drastic losses and how it affects everybody on the strata.