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White-collar Crimes

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Department of ABC, University of

ABC 101: Course Name

Professor (or Dr.) Firstname Lastname

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Introduction:

White-collar crimes refer to criminal activities committed by individuals who hold

positions of trust and responsibility within respectable businesses and industries. Unlike

traditional crimes involving violence or theft, these offenses are characterized by deceit,

manipulation, and financial exploitation. These crimes are committed by people or businesses

that are considered respectable within their respective industries (Schaefer,2022). Some of the

most common white-collar crimes are outlined below.

Types of White-Collar Crimes

Money laundering: Money laundering is making illicitly obtained money appear

legitimate. There are three steps and some money laundering step one, placement; step two,

layering; and three, integration. Money laundering enables criminals to enjoy the proceeds of

their crimes without attracting suspicion from law enforcement agencies. This white-collar crime

is prevalent when organizations engage in illegal businesses like drug trafficking and terrorism

(FBI, 2016).

Health Care Fraud: Health care fraud impacts everyone, individuals, and organizations,

costing tens of billions annually. Healthcare fraud has been committed by many, many people,

especially those whom we trust our information, such as medical providers, the system itself, and

even patients. Many people fail to realize that when we do healthcare fraud, lots of the prices go

up, such as insurance premiums, increases in payments, and medical plans (FBI, 2016).

Securities and Commodities Fraud: Securities fraud is an intentional erroneous,

deceptive, or fraudulent statement regarding a company's stock or worth. Innocent individuals

can make judgments on securities or commodities trading based on this incorrect information.
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These activities are often known as stock or investment fraud (FBI, 2016). Some examples of

this type of fraud include Pyramid and Ponzi schemes.

Conclusion

Today white-collar crimes pose a threat to the economic and social well-being of any

country. They not only lead to financial losses, but also erodes the public’s trust in corporate,

government, and financial institutions. To confront it, law enforcement agencies, governmental

authorities, and regulators must forge a robust alliance to implement both preventative and

reactive strategies to effectively deter, detect, and prosecute such criminal acts.
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References

FBI. (2016). White-Collar crime. Federal Bureau of Investigation.

https://www.fbi.gov/investigate/white-collar-crime

Schaefer, R. T. (2022). Sociology: A Brief Introduction. McGraw-Hill Education.