White Collar Crimes

1. A white-collar crime is an offense committed by either a government or business professionals who are motivated financially, and it does not involve violence. One of the key elements of white-collar crimes is that a fraudulent scam is usually involved (Ferguson, 2010). This can be through giving out a company’s passwords or information to the attackers. Secondly, money is also another element, since it is the motivating agent of white collar crimes (Payne, 2013). The third and final element is planned crime. This is whereby the workers of an organized may plot on how to commit a crime without being noticed.
2. The government uses specific strategies when convicting white-collar criminals. Sarbanes-Oxley Act which was enacted in order to respond to a series of high-profiles monetary scandals which transpired in the early 2000s affecting investor assurance (Ferguson, 2010). This act was stablished in order to improve business governance and accountability. All companies are therefore supposed to abide by the dictates of the Act. The Antitrust Act is also used, as it rules against entry into a contract in order to control the trade (Payne, 2013). These two statutes are therefore significant for the government, since they outline the rules and regulations which organizations should follow in order to avoid fraudulent crimes such as white collar crimes.
3. There are a lot of costs which arise from white collar crime. The most common types are the following: financial harm, physical harm and social cost. Financial harm cannot be estimated however, it is estimated that $1.7 trillion every year (Ferguson, 2010). Physical crime can result to death, through harming a person, hence leading to serious injuries which may lead to death. Social costs tend to bring sociological harm to businesses. This consequently results in poor social relationships and the loss of trust (Payne, 2013). The three types of costs are not good at all, since they can affect relationships, and may also to bankruptcy.

Reference

Ferguson, J. E. (2010). White-collar crime. New York: Chelsea House.

Payne, B. K. (2013). White-collar crime: The essentials. Thousand Oaks, Calif: SAGE Publications.