List and define three types of financial crimes What will be ...

[viki]

List and define three types of financial crimes
 
  What will be an ideal response?

Question 2

Explain Gary S. Greens typology of organized crime.
 
  What will be an ideal response?

[allisonblackmore]

Answer to Question 1

Answer: The FBI classifies the following types of activities as financial crimes: corporate fraud, securities and commodities fraud, health care fraud, mortgage fraud, insurance fraud, mass-marketing fraud, and money laundering.

• Corporate fraud refers to accounting schemes, self-dealing by corporate executives, and obstruction of justice as well as insider trading, kickbacks, and misuse of corporate property for personal gain.


• Securities and commodities fraud includes crimes such as stock market manipulation, high-yield investment fraud (Ponzi schemes, pyramid schemes, and prime bank schemes), advance fee fraud, hedge fund fraud, commodities fraud, foreign exchange fraud, and broker embezzlement.


• Health care fraud includes fraud directed at health care programs, particularly Medicare and Medicaid.


• Mortgage fraud includes corporate fraud involving subprime mortgage-lending companies, such as equity skimming, property flipping, and mortgage debt elimination.


• Insurance fraud is fraud targeting the insurance industry, such as insurance fraud involving arson and workers compensation fraud.


• Mass-marketing fraud is a general term for any fraud connected with communications media such as telemarketing, mass mailings, and the Internet. Mass-marketing fraud takes a variety of forms that share a common theme: use of false and/or deceptive representations to induce potential victims to make advance fee-type payments to fraud perpetrators.


• Money laundering is the process by which illegal gains are discussed as legal income.

Answer to Question 2

Answer: Gary S. Green proposed a four-part typology of occupational crime:

• Organizational occupational crime is committed for the benefit of an employer or organization, but only the employer or organizationnot individual employeesbenefits.


• State authority occupational crime is committed by people exercising their state-based authority, is occupation specific, and can be committed only by officials in public office or those working for them.


• Professional occupational crime is committed by professionals while in their occupational capacity (such as physicians, attorneys, and psychologists).


• Individual occupational crime, committed by an individual acting alone, is a kind of catchall category that includes personal income-tax evasion, theft of goods and services by employees, and filing of false expense reports.

[viki]

Thanks for the timely response, appreciate it

[bitingbit]

TYSM