Friday 18 September 2015

Financial or White Collar Crimes - Clay Serenbetz




When anyone hears the word crime immediately he/she think of something such as robbery, assault, murder, drugs, etc. but people have found a way to commit a crime which does not require a gun, knife or fighting, a way to abuse their position as well as status to gain a large amount of other people’s money without being known as thieves or criminals. These crimes typically involves some form of deceit, man oeuvre or the abuse of a position of trust that distinguishes them from the common theft or robbery and this type of crime does not involve violent, drug related or visible illegal activities.
They have serious and long term impacts on their victims and these crimes that are conducted through a variety of mechanisms are continually evolving as well as vary in levels of sophistication. They also involve activities that defraud people of their money but robbery involves the threat of violence, crimes of financial fraud tend to be stealthy and nonviolent. They are often known as white collar crimes and although these crimes donor cause physical harm but they are still serious and carry penalties. They also affect private individuals, companies and organizations and have a negative effect on the entire economic as well as social system through the considerable loss of money incurred.

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