The definition of fraud has covers a wide range of crimes but the response explicitly pinpoints corporate fraud. Fraud, regardless of its type, is characterized by deliberate acts whose intentions are deceptive, and are meant to gain access to unlawful deprivation of others’ legal rights. The business crime example presented in the post represents a detailed coverage of a white collar crime (Benson & Simpson, 2014). The example showcases a typical incident of organized deception of investors through misrepresentation of the organization’s profitability to unlawfully lure them to invest in Standford Group of Companies fraudulent schemes.
Standford Group of companies represents a real example of Business Crimes committed by a corporation. The example gives a detailed tour of the origins of the crime, the perpetrators, major accomplices, the investigative procedure, and the ruling. Informatively, the Standford Group of Companies example shows how officials other than the owners of an organization can hinder the investigative effort intended to unveil suspicious business activities. For instance, the Antiguan officials covered the fraudulent activities for 16 years following the extension of bribes to the government auditor who falsified bank statements to fool investors.
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Jennings (2016) argues that the need for defining fraud charges based on states or federal governments presumes important elements of essential for proving fraud claims. Generally, such a claim must contain misrepresentation of facts in a material sense, an entity must know that the material facts are false, justifiable reliance on misrepresentation, and reliance on misrepresentation causes loss or injury to others (Parker, 2013). The counter argument underpins the fact that Standford could argue the case against claims of fraudulent charges by feigning ignorance of the auditor’s activities. The counter argument in this case helps positively to identify the loopholes in fraudulent case rulings, which may lead to freeing of criminal (Jennings, 2016).
References
Benson, M. L., & Simpson, S. S. (2014). Understanding white-collar crime: An opportunity perspective . Routledge.
Jennings, M. (2016). Business: Its legal, ethical, and global environment (11th ed.). Cengage Learning.
Parker, M. (2013). Alternative business: Outlaws, crime and culture . Routledge.
