Crime
Fraud is defined as using deception for personal gain. In a criminal context, fraud is a deliberate deceiving of another in order to cause damage to them. Typically, the damage that results is the taking of another's property or services unjustly. Fraud is often done trough forgery, theft, larceny by trick, embezzlement, false pretenses, robbery, extortion and malicious mischief.
In order to be found guilty of criminal fraud, the following elements must be satisfied:
An individual or an organization intentionally makes an untrue representation about an important fact or event;
The untrue representation is believed by the victim, or the person to whom the representation is being made to;
The victim relies upon and acts upon the untrue representation;
The victim suffers a loss of money and/or property as a result of relying upon and acting upon the untrue representation.
In 2005, WorldCom chief executive officer Bernard Ebbers was convicted of fraud for his involvement in the largest accounting scandal in United States history. Because of WorldCom's false financial reporting, investors suffered an $11 billion loss.
He was charged with felonies for conspiracy and security fraud, along with the filing of false statements with securities regulators. He is serving a twenty-five-year sentence for his conviction.
The reason Ebbers was found guilty of criminal fraud, despite being in a business, is because his actions met the above referenced elements of fraud. For example, his filing of false statement was an intentional act that contained an untrue representation of an important fact: WorldCom's accounting. Further, this untrue statement was believed by the company's investors, or in this case, the victims. Further, the investors relied upon Ebbers' statement as being true and thus acted on it in terms of their investment decisions. Finally, as a result of the investor's reliance and action upon Ebbers' false statements, they lost a significant amount of money. Thus, because Ebbers' actions satisfy the elements for criminal fraud, it does not matter whether or not he was acting within a business capacity.
Bibliography
Associated Press (2005): "Former WorldCom Chief Signs Agreement Over Fraud Charges."
Floyd, Nell Luter. (2006): "Ebbers Receives Prison Order." The Clarion-Ledger.
Moritz, Scott. (2003): "Judgment Day Coming Sooner for Ebbers." The Street. 27 Aug. 2003.
125). The use of case study examples is a brilliant tool for making the reader believe that white-collar crime is indeed something that needs to be addressed on a macro rather than a micro level, because the people injured by fraudulent accounting and auditing to name a few white-collar crimes, are not just the people that work for a company or the criminals. The people harmed include members of the
" (Business Wire, 2007) Ms. Osborne states: "The potential of IxReveal is clear to me," Osborne stated, as "it will transform the capacity of law enforcement and homeland security agencies to more effectively analyze data and promote collaboration with fewer security risks." IxReveal "will be the mining tool that turns data into gold," she added, "by generating relevant insights and collaboration, rather than simply creating more work." (Business Wire, 2007)
The Prohibition made these mobsters however more daring and they begun to become involved in criminal operations that affected the American communities as well. Aside the Prohibition, it has to be stated that at that time, the United States was also facing severe economic problems. This was as such the moment organized crime was born. There were numerous nations conducting illicit operations during Prohibition, including the Irish, the Jews,
Crime, Punishment & Justice in Great Expectations Crime, Punishment and Justice in Great Expectations In his novel Great Expectations Charles Dickens' characters often seem to be operating outside or just outside the law in gray areas where what is legally correct clash with what is morally the right thing to do. The theme of crime in Dickens' novels is used as a focal point to explore his deep concern for the pervasive
Every culture may identify some behavior as deviant, but a given behavior will not be defined as deviant in all cultures: Deviance" refers to conduct which the people of a group consider so dangerous or embarrassing or irritating that they bring special sanctions to bear against the persons who exhibit it. Deviance is not a property inherent in any particular kind of behavior; it is a property conferred upon that
White Collar Crime Theories, Laws and Processes Explain white collar crime in terms of various theories related to criminology and crime. A white collar crime is an illegal and unethical act that violates public trust (Friedrichs, 2010). Common examples include misrepresentation, stealing, misappropriation, self-dealing, and corruption (Echols & Richardson, 2011). Most are crimes of opportunity and hold similar characteristics to corporate crime -- fraud, insider trading and other illegal acts of a
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now