White Collar Crime

White collar Crime

The white-collar crime term means full range of frauds committed by business and government professionals. Most of the time White collar crime is committed by a person with high social status in the course of his occupation. Unfortunately the internationalization of the economy and the development of new technology has given more opportunities for white-collar crime. White-collar crime is a nonviolent crime however à single scam can destroy a company, devastate families who worked in the company and lost their job. This shows how the number of people who are victims of white-collar crime is significant and has a big impact on the economy. Typical white-collar crimes include forgery, fraud, bribery, insider trading, embezzlement, and money laundering so several offences. Let us look at one case that will illustrate our remarks. Mr Arif Mohammed a former Pricewaterhouse audit manager was fined £10,000 by the Financial Services Authority for committing market abuse. In fact he had bought shares in Delta electrical division when he knew the company was planning to sell its electrical division. Mohammed became aware of this confidential information because Delta's electrical division was an audit client of Pricewaterhouse Coopers and Mohammed worked on the company's audit. Mohammed purchased 15,000 shares in Delta on 29 November 2002 at 80p each. Delta announced the disposal on 9 December 2002 and Mohammed sold his shares the following day at 105p to make a profit of £3,750. From all this it follow that Write-collar crime, is not a victimless crime and is impacted a big part of the economy.

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