A Fascinating Insight Into White Collar Crime

White collar crime has been around for centuries, but over the years, it has become increasingly sophisticated. With technology advancing all the time, there are new ways to dupe people, and law enforcement agencies are working harder than ever before to wise up to new tricks and clamp down on criminal activity.

The term white collar crime, which dates back to 1939, relates to scams and fraudulent behavior that are designed to con people out of money. The first recorded case in the US occurred in 1792 when the assistant secretary to the treasury, William Duer, employed insider information to invest and subsequently push prices up with a view to selling. One of the most intriguing cases is that of William Miller, nicknamed 520% due to the outlandish promises he made investors. Miller suggested investors could make a 520% ROI in 1899. Unfortunately, his scheming was spotted by investigators and he was later sentenced to 10 years in prison.

Over the years, the definition of white collar crime has diversified in line with the development of new techniques and technology. Today, the FBI investigates multiple types of crime, including mortgage, healthcare and insurance fraud and intellectual property theft. In 2011, the FBI pursued over 240 indictments and convictions, resulting in criminals paying restitution orders and fines totaling over $2.4 billion.

White collar crime is often described as a victimless crime, but as the infographic shows, this is rarely the case. This kind of crime impacts the health, safety and wellbeing of people. To nullify the threat of white collar crime and protect consumers and customers, there are several measures in place and ideas that may come into play in the future. Examples include tougher, longer jail sentences, stop and frisk powers and prevention measures designed to limit opportunities for fraudsters.