The Bottom Line Securities fraud, embezzlement, corporate fraud, and money laundering are considered white-collar crimes, perpetrated traditionally by those in corporate or office settings.
Fraud makes up 63% of white-collar crimes, making it the most common. After fraud comes embezzlement, followed by larceny/theft. Overall, fraud has such high numbers because it encompasses a wide range of different white-collar crimes.
Insider trading (stock trading based on material, non-public information) Kickbacks. Misuse of corporate property for personal gain. Individual tax violations related to self-dealing.
1. Enron Collapse. One of the most infamous cases of corporate crime in recent history is the Enron scandal. The impact was so great that the term "Enronomics" was conceived shortly after, a word that referred to the practice of hiding bad assets and crippling debt from the public.
Typical white-collar jobs include company management, lawyers, accountants, financial and insurance jobs, consultants, and computer programmers, among many others.
2. ABSTRACT. Red-collar crime is an understudied phenomenon that occurs when white-collar crime turns into. physical violence and/or death (also known as fraud-detection homicide).
White-collar crimes get their name from the fact that they are usually committed by white-collar workers taking advantage of their position within a company or government agency to extract some financial gain. Some of the most common examples of white-collar crime include: Insider trading. Money laundering.
Expert Answer. A white-collar crime differs from a corporate crime because it is a non-violent type of crime that is done for financial gain. Whereas, corporate crime comes under white-collar crime that is committed by a person within their jobs and occupations for the profit of their company.
Victims in the second group might include creditors, competitors, employees, and customers. The relation between the victim and perpetrator in all white collar crime is generally similar. It is nonviolent, indirect, and impersonal, with the victim often being anonymous to the offender.
Any of the offenses described above, when committed by or on behalf of an organization established to carry out illegal activity, are known as racketeering or “organized crime.” Organized crime is usually not considered a type of “white collar crime,” but it often involves many of the same criminal statutes.
This type of crime is generally committed by people of relatively high social status. White-collar crime examples include fraud, regulatory offences, tax fraud, tax evasion, money laundering, embezzlement and insider trading offences. White collar crime costs Australia billions per year.
Characteristics of white collar offenders also differed. These offenders were more likely to be employed, better educated, own homes, have less prior criminal justice involvement, and be white males.
High-profile individuals convicted of white-collar crimes include Ivan Boesky, Bernard Ebbers, Michael Milken, and Bernie Madoff. Their crimes have included insider trading, accounting scandals, securities fraud, and Ponzi schemes.
Grey collar crimes typically involve the use of technology to commit a crime without ever physically meeting the victim. Common examples of grey collar crimes include identity theft, phishing, and other forms of cybercrime.
Black-collar crime is a concept that recognizes that some offenders do not fit neatly into either a white collar or blue collar category. These crimes are typically non-violent, and often involve financial gains. They can include offenses such as embezzlement, fraud, and forgery.
Gold Collar Workers
These individuals are highly-skilled and in high-demand. Surgeons, engineers, anesthesiologists, lawyers, and airline pilots are all examples of gold collar workers.
Pink-collar worker is one who is employed in a job that is traditionally considered to be women's work. The term pink-collar worker was used to distinguish female-orientated jobs from the blue-collar worker, a worker in manual labor, and the white-collar worker, a professional or educated worker in office positions.
pink-col·lar. : of, relating to, or constituting a class of employees in occupations (such as nursing and clerical jobs) traditionally held by women.
Gold collar – Refers to highly-skilled professionals in high-demand fields such as airline pilots, doctors, lawyers, engineers, and scientists.
Al Capone (estimated net worth in 1929: $100 million)
According to Biography, by 1929 notorious Prohibition-era gangster Al Capone had a fortune of $100 million: or as much as $18.6 billion in today's money.