White-collar crime is a nonviolent crime usually committed for financial gain. The phrase was first used by Edwin Sutherland in 1939, who defined it to be “crime committed by a person of respectability and high social status in the course of his occupation." The term has been redefined many times, but most definitions suggest that the motivation for committing such crimes is profit. White-collar crimes comprise a wide range of offenses such as identity theft, bribery, embezzlement, forgery, and frauds.
Although more commonly charged with white-collar crimes, individuals are not the only ones subject to charges. Criminal charges have been brought against corporations and businesses. Due to the potential large-scale losses caused by white-collar crimes, many penalties are defined for the offenders. Some of the punishments include fines, sanctions, imprisonment, detention, and forfeitures.
Due to their sophisticated nature, white-collar crimes are hard to investigate. Many government agencies as well as nonprofit organizations are assigned to investigate fraud cases. National White-collar crime center is one such organization that strives to support the investigation of white-collar crimes. Investigations tend to be costly for the state. Federal Bureau of Investigation has estimated that investigations and prosecutions cost more than 300 million dollars annually (Cornell University, Law School, White-Collar Crime). White-collar crimes can cause enormous economic loss, and are significant threats to our society.
References:
http://www.whitecollarcrimefyi.com/index.html
http://www.umsl.edu/~keelr/200/wcolcrim.html
http://www.fbi.gov/whitecollarcrime.htm
http://www.law.cornell.edu/wex/index.php/White-collar_crime
http://www.nw3c.org/
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