What is White Collar Crime?
White-collar crimes are typically committed by people working in these types of jobs.
What are office jobs or professional jobs?
This individual laundered money through Laundromats to disguise revenue made from alcohol.
Who is Al Capone?
turning “dirty” money into “clean” money by making it look like the money actually came from legitimate sources.
What is Money Laundering?
Money laundering is the process of making money earned from illegal activities appear to come from this.
What is a legitimate source?
Sometimes white collar crime starts at the top when someone higher up pressures employees to do whatever it takes to get the desired results. This can effect this type of external danger.
What is Obedience to Authority
This term refers to crimes committed for financial gain, typically by people in business or government positions.
What is White Collar Crime?
This company collapsed in 2001 after hiding billions of dollars in debt, one of the biggest corporate scandals in U.S. history.
What is Enron?
This type of fraud affects everyone and causes tens of billions of dollars in yearly losses. It can raise health insurance premiums, expose you to unnecessary medical procedures, and increase taxes.
What is Health Fraud?
A common method of laundering money is to use businesses that handle a lot of this form of payment.
What is Cash?
This is the subconscious tool people use to justify their unethical actions. This helps people who commit white collar crimes still perceive themselves as ethical.
What is Rationalization?
White-collar crimes are usually non-violent, but they harm this.
Finances (Money)
This banking scandal in 2012 involved a major bank allowing money laundering for Mexican drug cartels, leading to a $1.9 billion fine.
What is HSBC?
illegal activities undertaken by a company that is done in an unethical manner. This kind of business fraud is designed to give an advantage to the perpetrating company
What is Corporate Fraud?
The final step of money laundering, where the "cleaned" money is integrated into the economy, is called this.
What is integration?
A corporate executive might justify fraudulent accounting by claiming it benefits the majority of stakeholders, appealing to this ethical theory.
This is one reason white-collar crime can be harder to detect than street crime.
What is the involvement of complex financial transactions?
In 2008, this man was arrested for running the largest Ponzi scheme in history, defrauding investors of billions.
Who is Bernie Madoff?
The intentional act of causing harm or loss financially
What is Fraud?
a scam where someone promises very high returns on investments to early investors, but actually pays those returns using money from new investors who join later.
What is a Ponzi Scheme?
This ethical framework would condemn white-collar crime for failing to adhere to duties such as honesty and fairness.
What is Deontology?
The FBI defines white-collar crime as involving deceit, concealment, or violation of trust, without using this.
What is violence?
This political scandal involved break-ins and cover-ups during the Nixon administration and led to several criminal convictions.
What is Watergate?
when a white collar worker takes advantage of their position to steal assets or funds entrusted to them
What is Embezzlement?
This illegal practice involves companies agreeing not to compete with each other, fixing prices, or dividing markets.
What is collusion?
An employee who exposes unethical practices in their organization could argue that their whistleblowing adheres to this principle, requiring consistent moral rules.
What is Universalizability?