White collar crime has always been difficult for law enforcement to deal with due to its basis in esoteric practices rather than tangible violence. White collar crime is a label that covers everything from fraud to insider trading. In the early 1990s penalties for insider trading were bumped from 8-10 years to 20+ years. One of the most famous white collar criminals of modern times is Bernie Madoff whose ponzi scheme defrauded investors of billions of dollars. His 150 year sentence is historic in length. ENRON was an entire energy corporation built on fraud and insider trading. Employees manipulated energy, causing the infamous California brownouts and used the manipulation of prices based on their fraud to make money. The fraud of ENRON caused the government to institute new regulations governing the leniency and transparency of accounting procedures used by public corporations.
Top 10 Famous White Collar Crimes - Utica College Online
In perhaps the most famous white collar crime of all time, Enron repeatedly lied to its staff and the world at large, projecting profit lines on future imaginary investments that rarely, if ever, came to fruition. Through repeated institutionalized fraud, Enron’s executives and traders were able to funnel millions to themselves while their company’s investments tanked. By 2001, Enron was billions of dollars in debt, and went belly up. Several of the executives were sentenced to prison time, but the company’s creator and former owner Kenneth Lay died of a heart attack before he could begin serving his 45 years for securities and wire fraud. Countless employees of Enron were left pensionless, and the reverberations of Enron and similar behavior would come to define the following decade’s global economic collapse.
White collar crime is the sweetest gig on earth
White Collar Crimes; More Wanted by the FBI..