The increasing number of white collar crimes makes it imperative to have a closer look at these crimes. White collar crime can be defined as the crime committed by a person of respectability and high social status in the course of his occupation. The educated and elite people who command respect have an obligation to live the expectations of people who believe in them. According to the FBI latest reports, the cost of these crimes in US is more than $300 billion annually.
The crimes acquire special significance as they are made by educated and responsible people. As the people who are supposed to be more responsible commit crimes they should be punished severely. Generally the white collar crimes include: • To engage in an act or pattern of activity where the purpose is to defraud a bank of funds. • A demand for money or other consideration under threat to do bodily harm, to injure property, to accuse of a crime, or to expose secrets.
• When money, goods, services, information or anything else of value is offered with intent to influence the actions, opinions, or decisions of the taker. • When a person who has been entrusted with money or property appropriates it for his or her own use and benefit. When a crime comes into notice, the persons involved should be arrested. Their crime should be made public so that people who have met with losses know the law is taking its course. White collar crimes can not pay.
The strict legislations and the court judgments and the vigilant public will not leave the culprits without being punished. The crime gets greater attention and when people’s money is involved or a large number of investors lose their money. The punishments for the white collar crimes are severe. They often result in imprisonment for a long period of time. The accused have the responsibility of proving them innocent to escape punishment. If they cooperate in the investigation process the punishments can be reduced.
http://www. ckfraud. org/whitecollar. html