100 word response 1 reference
Ezekiel
White-Collar Crime in the United States
In the past decade, white-collar crime has become increasingly prevalent in the U.S., with numerous high-profile cases bringing attention to the issue. According to the Federal Bureau of Investigation (n.d.), the white-collar crime involves financial schemes such as fraud, bribery, and other deceptive activities used for personal gain or corporate advantage. This type of crime has significant financial and social consequences, as they target vulnerable populations and often result in large losses of public funds. As such, recent developments in white-collar crime have generated widespread concern across the country.
The most notable development associated with white-collar crime is its increasing prevalence among high-profile individuals and organizations. In 2019 alone, several prominent executives were indicted on charges related to fraud and corruption. Such executives include former pharmaceutical CEO Martin Shkreli who was convicted of securities fraud and conspiracy to commit wire fraud (Romo, 2018). Also, former Volkswagen executive Oliver Schmidt pleaded guilty to his role in a scheme that involved falsifying emissions test data (D.W. News, 2020). Paul Manafort was sentenced for tax evasion and several other crimes related to white-collar crime. Moreover, major corporations like Wells Fargo have been fined hundreds of millions of dollars due to illegal practices such as creating fake accounts without customer consent.
Another major development contributing to rising concerns about the white-collar crime is improvements in investigative technology. According to Marr (2022), investigative technology allows law enforcement agencies greater access to potential criminal activity. In recent years, the use of sophisticated analytics software has allowed investigators to quickly uncover complex networks of fraudulent transactions than in the past while utilizing tools such as machine learning algorithms. These tools enable law enforcement agencies to identify patterns that may indicate criminal behavior faster than manual processes could accomplish. In addition, advancements such as blockchain technology are being used by governments worldwide to detect suspicious activity more accurately than traditional methods could pick up on.
