Essay Example on White Collar Crime

2021-07-06 21:45:47
3 pages
590 words
University/College: 
Harvey Mudd College
Type of paper: 
Essay
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There are various ways in which duty, breach of duty, causation as well as damages causes tends to influence the companys operations since the creation of the civil law tend to create civil liabilities to the business especially when the business breach the duty of care to the customers or other stakeholders. Therefore, the company is bound not to act ultra-vires to the law but ensure that they operate as per the stipulated standards. They can lead to the liquidation of the business if they are found guilty of the breach as they pay for the damages. However, the claimant must show that their duty is broken and the defendant must also prove that reasonable care was taken. However, these will depend on the situation.

White collar crime and its impact on business

White collar crime is a financially motivated non-violent crime which is committed by the government professionals and business. These are done by these entities for their financial gain. They involve cunning and deceit rather than force. Some of these crimes comprise of extortion, criminal fraud, mail fraud and wire fraud, money laundering and embezzlements. In the cases of such crimes, the company can make a high loss which makes the company's profits to decline. These can even result in the liquidation of the business or them being rendered under receivership. Therefore, it puts the going concern of the business in question.

Should we be tougher on this form of crime?

I tend to believe that there are adequate laws which can help to control these types of crimes which the businesses could make. Some of these include the Racketeer influenced and corrupt Organizational Act (Criminal RICO and Civil ROCO) which is against an acquisition or maintaining an interest or unfair participation in the affairs of an enterprise through the pattern of racketeering activities. Besides, an amendment can be done to some laws which should make individual managers bear the burden as opposed to the corporation. Therefore, the only thing we need is the will to implement these laws and regulation. There is a call for both the executives, legislature and the judiciary arms of the federal government to join hands and fight for the betterment of the market for the businesses to participate and thrive either in the short or long run.

How can this be simplified?

Given that when the manager of a company involves in such activities which are linked to white collar crime, the liability should be put on the manager or employee. They are supposed to pay for the damages and not the company. These thus call for the amendment of the federal law which held the company liable for such offenses and make the individual managers incur these damages. Besides, the years of proving the racketeering activities should be taken into consideration and be reduced from 10 years to 5 years. For example, the individuals who engage in activities such as state crimes, including activities such as gambling, arson, robbery, counterfeiting, and dealing in narcotics while working for the company or an organization should be charged with these crimes. For instance, in the case between United States Vs. Hilton Hotel Inc. when the hotel manager was convicted of a white collar crime, it was held that the corporation could be liable for criminal violations state crimes, including activities such as gambling, arson, robbery, counterfeiting, and dealing in narcotics. Therefore, when the law would have been amended, then the manager could have incurred all the damages.

 

References

https://phoenix.vitalsource.com/#/books/9781323463390/cfi/6/132!/4/2/6/[email protected]:94.1. (n.d.).

 

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