Well, you may be thinking of the new television series, White Collar Crime…but that’s not quite it! White collar crime is specifically defined as “a crime committed by a person of respectability and high social status in the course of his occupation.” This term was first coined by Edwin Sutherland in 1939. In recent decades it has taken on a whole new meaning including embezzlement, forgery, money laundering and, today’s favorite, identity theft.
Many company executives get caught in a white collar crime due to negligent safety or environmental issues. In 2007, the Atlanta based company Acuity Specialty Products was fined $3.8 million dollars in violation of the Clean Water Act. As a result of the investigation, Daniel Schaffer, Acuity’s former Director of Environmental Compliance, pleaded guilty to conspiracy to violate the Clean Water Act, in February 2006. This ladies and gentlemen is one of the largest fines ever levied against a chemical corporation and also a perfect definition of white collar crime .
According to the Federal Bureau of Investigation, these types of crimes are estimated to cost the United States more than $300 billion annually. The penalties for white-collar offenses include fines, home detention, community confinement, paying the cost of prosecution, forfeitures, restitution, supervised release, and imprisonment. However, sanctions can be lessened if the defendant takes responsibility for the crime and assists the authorities in their investigation.
If you feel white collar crime is affecting your business or place of employment contact us or call 1.770.426.0547.
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