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White Crime Vs Street Crime. Essay

1401 words - 6 pages

Corporate America commits white collar crimes that are considered to be less criminal than street crimes. The reality of these crimes is that it takes away the dream from an individual who spent all of his life savings for retirement. People trust these corporations with their life savings and now they are forced to postpone their retirement day. Street crimes for the most part are committed by the under class. These crimes often target people to gain the means for survival. These crimes included burglary, assault and robbery. Criminals should be punished according to the crime they committed. The damage they inflicted in their victims is irreversible.Systemic wilding has increase in the last year from major corporations. There are countless corruption indictments from corporations CEOs covered by the media.L. Dennis Kozlowski, the former chief executive of Tyco International who was convicted of looting the company of $150 million, was sentenced to twenty five years in a New York State prison this year. Sorkin, S. Andrew. (2005, September 20). Tyco ex-bosses sent to prison. San Diego Union Tribune, pp. C1, C5.Kozlowski became a symbol of corporate greed for his infamous $ 6,000 shower curtain and a $ 2 million birthday party in Sardinia, Italy for his wife that was partly paid for by the company. (Sorkin C5). Tyco whose products range from security systems to healthcare were forced to file for bankruptcy as a result of the accounting frauds. Kozlowski still faces charges of evading more than $ 1 million in state sales taxes on artwork and civil suits, claiming billions of dollars in damages from Tyco and shareholders (Sorkin C5).Moreover, Willian McCray who was a resident of Carlsbad used La Jolla companies to run a currency exchange fraud that cost investors more than $ 11 millions dollars. McCray was sentenced to more than seventeen years in federal prison. Soto, R. Onell. (2005, September 20). Investment fraud scheme nets 17 years prison sentence. San Diego Union Tribune, pp. C1, C4.William McCray's companies promised fantastic returns without risk, but early clients actually were paid with money from later investors, a classic pyramid scheme. Jurors found McCray guilty of mail and wire fraud, perjury, money laundering and tax fraud for his activities involving International Fore of California and Earthwise International(Soto C1). Investors were told their funds were held in trust and were insured and were assured that their accounts were growing. McCray lied under oath in bankruptcy proceedings. He testified the company owed investors $ 18 million but had no money. Before filing bankruptcy, McCray had wired $ 5.8 million of investor funds to a Bermuda bank (Soto C4).On August 30, 2005 Jeffrey Stein former executive of KPMG was charged with conspiring to defraud the IRS. McClam. E. (2005, August 2005). Role in tax scam admitted by KPMG. San Diego Union Tribune, pp. C1, C4. Stein admitted it helped clients evade billions of dollars in capital...

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