White-collar crimes occur in many professions in our today society. White-collar crimes are the crimes that are committed in a business setting and in most cases, they are considered to be non-violent. Embezzlement, fraud and forgery are just but few examples of white-collar crimes. White-collar crimes are prudently planned and executed while other common crimes are mostly fueled by emotions such as rage or passion. This essay discusses the differences in white-collar crimes and other common crimes considering Bernard Madoff "Ponzi Scheme" Scandal. White-collar should be prosecuted just as aggressive as other common crimes since they violate laws of a county, state or country.
In the Year 2009, Bernard Madoff, a respected and experienced investment banker, was sent to prison for 150 years for the “Ponzi Scheme” which is considered the largest duplicitous scheme in the history of United State. Five of his staff members were also imprisoned for fewer years for being accomplices in the scheme. It is most likely that some of his victims have not fully regained the losses they incurred. Bernard applied the “Ponzi Scheme” to lure investors by assuring extraordinarily high returns. His strategy successfully convinced thousands of investors who gave him there hard earned savings. According to CNN money, Madoff cheated out his client $65 billion although it is he actually ran away with $20 billion.
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Such schemes occur through proper planning by the main operator. The operator uses the cash from new stakeholders to remunerate the earnings he promised the older ones. The operator takes the extra cash or uses it to expand the operation. These schemes cannot be sustained for long so long they eventually fall apart. The remaining investment is taken by the operator and runs away and many of the investors pull out and demand their returns. In Bernard case, he only had around $300 million left when investors pulled out and requested their return amounting to a total of about $7 billion.
Justice has not been served in this case since of this scheme have not received any repayment from the company although the Department of Justice commissioned $4 recovered from the fraudulent scheme to be distributed to the victims. It is over nine years since Bernard Madoff arrest but the RCB Fund is still finalizing reviews and recommendations for the 63,580 claims. The victims are however anticipating compensation in the near future.
White-collar crimes should be prosecuted just as aggressive as other common crimes. Although white-collar crimes are generally non-violent compared to other common crimes they go against laws set by the state just as all crimes. The laws need to be equally enforced and implemented without bias and discrimination of the type of crime. Furthermore, white-collar crimes have a tragic economic impact on their victims and they deserve to be granted justice. The law of the land requires that all the crimes be treated and handled equally and fairly.
In conclusion, white-collar crimes are different from other common crimes. The motive and execution of white-collar crimes are different from other common crimes. White-collar crimes are sometimes referred to as paper crimes since they require strategy to accomplish. They are mostly conducted by professionals with high social and economic status. However, a crime is a crime no matter whom and how it is conducted and they should be prosecuted as aggressive as the law requires.
