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Types of White Collar Crime. Matt Haller. Bank Fraud.
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Types of White Collar Crime Matt Haller
Bank Fraud • Definition: Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In many instances, bank fraud is a criminal offence. • In a bizarre case of fraud, the police are on a manhunt for a conman with powers of hypnosis after a bank manager claimed he was bewitched into parting with Rs. 93,000. Although he handed over the money to the man himself, he told the police that he had no conrol over his actions and remembers little of what had happened.
Blackmail • Definition: the action, treated as a criminal offense, of demanding money from a person in return for not revealing compromising or injurious information about that person. • The Hill Palace police on Monday arrested two aides of Narayandas, the prime accused in Karnataka black mailing case. The arrested have been identified as Sebastian alias Sanju (35) of Vyttila and Dileep (31) of Eruveli near Chottanikkara. According to police, Sebastian and Dileep had acted as police officials along with Narayandas, who had impersonated as an IPS officer named Rajkumar, to blackmail a Kochi-based businessman.
Bribery • Definition: the giving or offering of a bribe. • A crane company owner, the crane company, and a crane company employee, in a bribery scheme in which the inspector took money in exchange for providing the crane company owner with advance copies of the written City crane licensing exam and filed documents falsely indicating that the crane company employee had passed a practical exam when he had never taken it.
Cellular Phone Fraud • Definition: the use of telecommunications products or services without intention to pay. • Last month, nearly a dozen people were arrested in California on charges of involvement in a US$2 million mobile phone insurance fraud. Wireless phone dealers, employees and customers were arrested for their purported involvement in the insurance scam.
Computer Fraud • Definition: Computer fraud is the act of using a computer to take or alter electronic data, or to gain unlawful use of a computer or system. • A man from the Gilbert area of Mingo County is wanted on several criminal charges, including computer fraud and forgery, the Mingo County Sheriff’s Office reports. Sheldon Shane Collins, who is from the Browning Fork area of Gilbert, is wanted on two counts of computer fraud, two counts of forgery and uttering, and two counts of false pretenses on credit.
Counterfeiting • Definition: imitate fraudulently. • A Florida man was charged today with trafficking in counterfeit electronic engine control devices manufactured and marketed by a Southern California company for use in modified Honda and Acura vehicles.
Credit card fraud • Definition: Credit card fraud is a wide-ranging term for theft and fraud committed using or involving a payment card, such as a credit card or debit card, as a fraudulent source of funds in a transaction. The purpose may be to obtain goods without paying, or to obtain unauthorized funds from an account. Credit card fraud is also an adjunct to identity theft. • A Georgia man is heading to prison for nearly 10 years for his role in a credit card fraud gang associated with a website called Carder.su that is linked to $50 million in worldwide losses.
Currency schemes • Definition: Schemes that involve money in illegal ways. • A Wisconsin Dells businessman is accused in a multimillion dollar foreign currency scheme. The complaint says Omukwe told his customers he would exchange foreign currency on their behalf, but then used the money for his personal benefit.
Embezzlement • Definition: theft or misappropriation of funds placed in one's trust or belonging to one's employer. • A former bank executive has denied allegations he stole more than $268,000 from his niece and nephew who were in his care after their parents died. William Hartnett of Weymouth pleaded not guilty on Monday in Dedham to embezzlement and larceny charges.
Environmental schemes • Definition: a mechanism by which landowners and other individuals and bodies responsible for land management can be incentivized to manage their environment. • A federal grand jury has indicted a 59-year-old, self-described "dirt broker" on charges of illegally dumping pollutants into nearly 12 acres of protected wetlands.
Extortion • Definition: the practice of obtaining something, especially money, through force or threats. • The Mukundwadi police have recently arrested a 35 year old man on the charges of extortion after he allegedly asked a local grocery shop owner to pay him an amount of Rs 500 every month if he wants to continue to run his business in the area.
Forgery • Definition: the action of forging or producing a copy of a document, signature, banknote, or work of art. • A quick-thinking teller at Regions Bank helped the Conyers Police Department nab a man who was allegedly trying to cash a fraudulent business check. Further investigation revealed this may not be the first time the man has done this. He now faces forgery and drug charges.
Health care Fraud • Definition: Financial swindling in any form committed against a third-party payer of healthcare. • SAVANNAH, GA—BARBARA J. WALLACE, 50, whose business, MBA Diabetic Footwear Solutions (MBA), was located in Savannah, Georgia, and enrolled in the Georgia Medicaid program as a provider, was charged with eight counts of health care fraud in an indictment returned by a federal grand jury sitting in Savannah, Georgia.
Insider trading • Definition: the illegal practice of trading on the stock exchange to one's own advantage through having access to confidential information. • Authorities unveiled charges against a California technology consultant alleging she provided inside information on public companies, and also revealed the first guilty plea by a hedge-fund employee in an insider-trading investigation. The California woman, Winifred Jiau, was paid more than $200,000 for providing hedge funds with nonpublic information about companies.
Investment schemes • Definition: A type of investment scheme that involves collecting money from different investors and then combining all the money collected to fund the investment. • Lee Michael Harrison, 39, of Oklahoma City, Oklahoma, was charged by indictment, unsealed yesterday, with three counts of wire fraud. In 2010 and 2011, Harrison was attempting to establish restaurants and clubs in North Carolina, and to sell a reality television show to the Food Network. He convinced two investors to each invest $20,000 with him by falsely representing that they were investing in a fictitious technology called “Capture” that prevented cell phones from dropping calls and that he allegedly had sold to a prominent New York financier for over six billion dollars.
Larceny/theft • Definition: theft of personal property • A Coudersport woman has been charged with theft by unlawful taking and receiving stolen property for allegedly stealing money from a school organization. Nichole Jean Kellert, 44, has been charged with two misdemeanor counts stemming from an investigation into a report of theft from the Coudersport Parent Teacher Student Association (PTSA).
Money laundering • Definition: the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses. • A Venezuelan man who was charged last year with several counts of money laundering, pleaded guilty when he appeared in the Corporate Area Criminal Court on Wednesday. Randolph Fernandez,43, was fined $700,000 or three months imprisonment. He was charged with possession of criminal property, attempting to remove criminal property from Jamaica, and failing to report to the designated authority that he was travelling with US$84,000.
Racketeering • Definition: dishonest and fraudulent business dealings. • 64 year old Brenda Milson Taylor, of Carencro was arrested this week and charged with racketeering and criminal conspiracy to commit racketeering. Taylor is accused of co-conspiring with the owner of a Baton Rouge credit repair company as a front to defraud individuals and businesses nationwide.
Securities Fraud • Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of securities laws. • A Canadian man was arrested today for allegedly orchestrating a large-scale, international stock market manipulation scheme in the first federal prosecution of securities fraud involving a high-frequency trading strategy known as “layering,” U.S. Attorney Paul J. Fishman for the District of New Jersey announced.
Tax invasion • Definition: the illegal nonpayment or underpayment of tax. • A 47-year-old Lincoln man is charged in a two count indictment for tax evasion. Authorities say David Johnson is charged with tax evasion during the years 2008, 2009, and 2010. The maximum possible penalty if convicted is 5 years imprisonment, a $250,000 fine, a 3 year term of supervised release, and a $100 special assignment.
Telemarketing fraud • Definition: Telemarketing fraud is fraudulent selling conducted over the telephone. The term is also used for telephone fraud not involving selling. Older people may be targeted more frequently because the caller assumes they may live alone, have a nest egg, or may be more polite toward strangers. • Marc Roy Ferry and Ari Tietolman, charged elsewhere, used Tietolman’s network of telemarketers in Canada to target American seniors citizens with deceptive telemarketing calls, selling worthless or non-existent services and then debiting seniors’ bank accounts without their informed consent.
Welfare fraud • Definition: the illegal use of state welfare systems by knowingly withholding information or giving false or inaccurate information in order to obtain funds or obtain more funds than what the recipient is eligible for. • A Farmland woman has been accused of applying for and receiving welfare benefits on behalf of her son, who didn't live with her. Jami L. Ford, 55, was charged by Randolph County Prosecutor David Daly with welfare fraud and theft....
