Men's Suits, Shirts, Ties, Bowties, and Clergy Wear. After buying my last suit from Menz Fashion, I realized all of my other suits do not have the quality or the fit that your suits offer. You have a customer for life. CRJ 4. 98 White Collar Crime Flashcards- He was the Governor of Illinois(4. Put a for sale sign on the naming of a US Senator - DOJ caught him by wire tapping his phone- jury convicted him on 1. Origins of White Collar Crime- 1. Prof. Edwin Sutherland of Indiana University argued for the need to expand criminological thinking to include behaviors and persons not generally thought of either by the public as crime and criminals. Financial cost of white Collar Crime- the financial cost of white collar crime is probably several times as great as the cost of all the crimes customarily regarded as the "crime problem"- increasing power of big companies led to illegal corporate conduct.- muckarackers were reporters that wrote articles on corporate misconduct - Upton Sinclair (The Jungle)Sherman Anti Trust Law (1. Congress in 1. 89. It prohibits certain business activities that federal government regulators deem to be anti- competitive, and requires the federal government to investigate and pursue trusts.- easier to collude than to compete- robber baron became a derogatory term applied to some wealthy and powerful 1. American businessmen. Ponzi Schemes/Charles Ponzi- named after Charles Ponzi - 1. What do you think? Do you like the White Collar TV show? Do you think it should have ended or should have been renewed for a seventh season?
USA Network Original Series - Psych stars James Roday, Dulé Hill, Timothy Omundson, Corbin Bernsen.Ponzi announced that his financial exchange company of Boston would guarantee an incredible 5. Allen Standford's Ponzi Scheme- founder of Stanford- International Bank- sold 8 billion in certificates of deposits to investors - Feb. Feds raided his home in Houston - guilty of "financial terrorism"- biggest ponzi scheme in U. S. History - 1. 50 years in prison- Ponzi schemes need a constant intake of new investors- once new investors stop coming in, the scheme collapses- owned a carpet cleaning company named ZZZZ. ZZZZ Best was a failure, by the time he was 1. Tax fraud occurs when an individual or business entity willfully and intentionally falsifies information on a tax return in order to limit the amount of tax liability. Tax fraud essentially entails cheating on a tax return in an attempt to avoid paying the entire tax obligation. ![]() American Family Publishers/Fraudulent sweepstakes and magazine subscriptions- big sweepstakes winners/1. A recurring form of telemarketing fraud is the reload scam, in which swindlers take a second shot at consumers who already have been victimized. These victims are called "marks"automotive repair schemes- roper poll reported 7. SF example)- fraudulent loan companies purchase a list of individuals experiencing hard times and mails them loan applications that guarantee approvals in exchange for an upfront fee.- schemes carried out by finance companies - Georgia woman took out a 5. FTC (federal trade commission) ruled that the makers of the popular over the counter pain reliever ancin had made false claims regarding their product. They also stated it was the most recommended medication by doctors. Beech- Nut Nutrition Corporation/leading manufacturer of baby food advertised its juice as being 1. FTC defintion: " an alluring but insincere offer to sell a product or service which the advertiser does not intend or want to sell." - switch the buyer to another higher priced item- is criminalized under the sherman anti trust act of 1. Wal- Mart extorts profit killing concessions from all its suppliers, forcing them to close factories and cut jobs.- Wal- mart workers worked off the clock without pay, due to the fear of being fired. General Electric Case Study- 2. GE. - GE began an all out price war slashing prices on transformers.- GE and other companies began colluding and price fixing - TVA uncovered the colluding - 2 million in fines were issued to GE and Westinghouse - they shifted blame to the market structure rather than to themselves.- they believed they were doing customers good by stabilizing prices.- for decades smoking has been recognized as the primary preventable cause of death in the country - perceived as a psychological addiction rather than a physical one. DNAP conspired with Brown and Williamson to boost nicotine levels in cigarettes - targeted teensclass action litigation involving cigarettes- no plaintiff had ever collected a dime in damages until 1. California was awarded 2 million after claiming that he got cancer from smoking was an anomaly. He contracted cancer from asbestos in the filter. Tobacco Company Marketing Strategy- RJ Reynolds Tobacco Co. Two basic elements of corporate disregard for consumer safety.- resistance against safety design - defects in design.- fiery crashes began to occur very frequently- liability suits against ford increased - however it was cheaper to pay of settlements than to recall every single ford pinto.- symbolized by the tobacco industry - although it is less obvious, less immediate, less directly traceable to its perpetrators than the violence associated with street crime,to victims it is no less devastating.- a human being who would not harm you on an individual face to face basis, who is charitable, civic minded, loving, devout, will wound or kill you from behind the corporate veil. Upton Sinclair/The Jungle- published in 1. American Meat packing industries- exposed how spoiled meat was still being sold - slaughtered livestock were piled into decaying storerooms overrun with rats. Pharmaceutical manufacturers- regulated by common law tort doctrine, making them subject to strict liability- an anti obesity drugged that received attention in 1. George W Bush. - over 1. FDA conducted an investigation and concluded that Up. John had engaged in an ongoing pattern of misconduct - many people committed murder, suicide claiming the drug caused this. Procter and Gamble one of the most successful corporations in the US until Rely Tampons. CDC began noticing cases of toxic shock syndrome some fatal.- refers both to medical products that are worthless and to persons who cannot deliver miraculous cures they promise.- Nutriton: unsound nutrition claims made on the radio or TV - Drugs: finding the fountain of youth opened up a huge door for anti aging drugs.- Devices: magnetic therapy, Chinese magic weight loss earrings, foot operated great enlarger.- criminalized by the Securities Exchange act of 1. Martha Stewart and Incline case study- biotech company - Dr. Samuel Waksal former CEO arrested for securities fraud - informed his father and one of his daughters to sell imclone stock the day before the feds rejected the companies application for a new cancer drug, Erbitux.- Martha Stewart like the Waksal family unloaded all her 4. Peter Bacanovic was the broker that sold the shares for both the daughter and stewart - stewart's company stock began to fall by as much as 6. Her stock broker was also arrested - found guilty and served 5 months in prison.- high yield low- grade bonds. Why has deterrence apparently not been successful?- because he risk/reward ratio of white collar crime remains a bargain in the minds of some market insiders.- The object is to build interest in and increase the buying of a stock so that the price would shoot up. The people behind the fabricated messages then sell their shares on the run and up at an inflated prices and leave other stock holders with near worthless paper when the stock inevitably plummets.- committed securities fraud by encouraging foreign investors to invest in a collateralized debt obligation(CDO) without fully disclosing pertinent info about the CDO. SEC believed that Goldman Sachs executive Fabrice toure endorsed the viability and soundness of the markets while he knew that such markets were not truly sound- intended to entice foreign investors to put money into the housing market. How big is the Health Care Industry?- It is the largest company in the US- trillons are made every year- it accounts for 1. GNP- elderly are targeted, through their Medicare Plans - susceptible to consumer fraud/durable medical products such as seat lift chairs and many other things they do not need - the prices on these items are inflated- constitutes a new area for fraud - attracting sharks - medicare and medicaid lose 2 billion a year to home care fraud- hospital costs constitutes the largest portion of the nation's health care expenditures.- the answer given by hospital administrators when asked about apparent price gouging.- a practice in which facts of the actual treatment are intentionally altered in order for the insurance to pay the maximum amount of the procedure.- where by a number of charges can be made from what is usually on single less expensive charge for services or procedures .- is a technique which hospitals use to attract patients by offering reasonable room rates but then charging sky high prices for ancillary items.- through which a physician sends patients for ancillary services to a company in which he or she has a financial interest - not really illegal per se but brings up ethics issuesmedicare and medicaid statute- Lyndon Johnson signed the legislation in 1. These can be rates much higher than medicare's covered amounts, requiring patients to pay much more than required by law- some doctors cheat the system by requiring new patients to pay up front "retainers" for a package service purportedly not covered by Medicare in order to receive comprehensive treatment.- Doctors may ask patients to waive their right to have the physician bill medicare directly, leaving the patient to pay for such services as telephone calls, medical conferences, and prescription refills.- psychiatrists stand out the most accuses of fraud - psychiatrists submit bills for time, their payments are based on how much time was spent with the patient.- new form of crime in the medical profession - deceiving women into they are thinking they are pregnant when in fact they are not.- faking research outcomes and methods- the destruction, theft,or authorized or illegal use, modification, or copying of information, programs, services, equipment, or communication networks.- dormancy- propagation - triggering - damaging- feb 7, 2. Bay were affected- this little shit was 1.
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