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  • Essay / Consideration and an inside look at white-collar crimes - 2692

    “Lie, cheat, steal. In a word, it’s white-collar crime” (fbi.gov). This crime is not one to be neglected. White-collar crimes can destroy families, businesses, and investors, individually or all at once. White-collar crimes include wire fraud, institutional corruption, Social Security fraud, and Ponzi schemes. Two white collar criminals, Marc Dreier and Bernie Madoff, go hand in hand and show the best examples of white collar crime. Marc Dreier, famous for impersonating a Toronto lawyer in his own office and stealing $380 million from hedge funds, operated a Ponzi scheme (Borrough). Bernie Madoff, "quietly ran the world's largest hedge fund, a fund that spanned forty countries and managed tens of billions of dollars" also ran the largest Ponzi scheme. White-collar crime has become progressively more complex. Without a money trail, tracking down these fraudsters can be difficult. Knowing how criminals like Dreier and Madoff are investigated and who investigates them is important to understanding how white-collar crimes work and how they are caught. It is also very crucial to understanding white collar crimes. The Ponzi scheme takes its name from Charles Ponzi, who promised to invest in postal coupons, which at the time could be redeemed for profit; Ponzi could double his investments in three months (Markopolos 50). Investors were made to believe that they would get huge profits. However, the project collapsed and investors paid millions of dollars to Charles Ponzi. History just repeats itself. Therefore, Ponzi schemes generally work the same way, but are even more complex today. Only, the stratagem is based on a promise... in the middle of a paper... perhaps we were never warned from the start of what is important to condemn an ​​author. However, with RICO laws, it has become easier to prosecute white-collar criminals. It is important to have RICO laws, because very often there are corruption crimes (Bourgeois 1). Corruption makes up a significant part of the financial sector and cracking down on these criminals is one step closer to saving another victim of fraud. White-collar crime has been a major problem in recent years. Marc Dreier and Bernie Madoff have been the subject of extensive investigations since their arrests. Understanding how white-collar crimes are committed helps law enforcement and legislation crack down to catch and prevent these criminals. Without these laws and enforcement agencies, white-collar criminals would more quickly steal money from innocent people..