White collar crime case analysis

Johnson L (17, Nov 2016). Ex-Valeant, Philidor execs arrested for fraud, conspiracy from The Washington Times. 

On Thursday, a former executive of Valeant Pharmaceutical and a mail-order pharmacy were charged with running a fraud and kickback scheme that deceived Valeant out of millions of dollars. The people involved in the crime included Gary Tanner, a former Valeant executive, and Andrew Davenport, a former chief executive of Philidor. The crime was that the two participated in wire fraud together with money laundering and conspiracy. The victim, in this case, is Valeant Pharmaceuticals that lost millions from the criminal activities of the executives. The crime committed was a criminal offense as it involved a crime committed against the government, which included funds that the company would use in settling taxes. Currently, the case is in court, but the perpetrators have not yet been charged. There are no sanctions leveled against the two defendants; however, based on the situation of the case, it will be right that all the money that the parties acquired through their criminal activities will be repossessed. White collar crimes tend to have a significant impact on the society. When an organization suffers from white-collar crime, it has to make up for that through raising costs, and this means that there will be a higher process for consumers. The society is highly affected by the crime as it tends to be a blow to social progress as it affects the progress of the society. When a company stops operating because it lacks funds, it means that even the employees who depend on the company for employment will lose their jobs and lack income.

Dugan, k (6th, Sept 2016). Self-described idiot gets jail time for $1.5M fraud. New York Post. 

The white collar case involves William J Wells who ran a Promitor Capital despite not being a registered adviser. Wells was an unsuccessful trader who lost almost all of his customer’s money in bad trades. William Wells is involved in this crime, and he was charged by the federal prosecutor for scamming 30 friends and family members $1.5 million. Wells used the cash from his investors to pay off his personal credit card and also private tuition bill. According to the court, Wells lied to his investors claiming consistently positive returns despite his trading being unsuccessful. Wells committed a criminal offense, and he was charged with the security and wire fraud for running the Promitor Capital. In regards to the matter, Wells pleaded guilty to security and wire fraud charges and was sentenced to 46 months in prison. Together with being behind bars, Wells is to forfeit $554,000, and he should pay about $1million in restitution. I tend to agree with how the issue was solved, and he deserved to pay back the money he lost and be jailed for the crime that he committed. The crime that Wells committed towards his friends and families has resulted in a negative impact on creating fear among people who are trying to save. Such an incident greatly affected the victims who worked hard for their money only to find out that their investment was not getting any returns. White collar crime tends to be a crime that does create a sense of social injustice in the society.

Reuters, (27th, Oct 2016). Dozens accused of posing as federal agents in a $300M phone scam. New York Post.

In this white collar crime, it involves an incident where 61 people and other entities swindled over $300 million through posing as federal agents in a phone scam for about three years. The case involved 32 people and five call centers in India and 24 people in nine states. The victims included at least 15000 people. In the case, the operators of the call centers in Ahmedabad threatened the potential victims with fines, arrest, deportation, and imprisonment if they failed to pay taxes or penalties to the government. The payment by the victims was being laundered by US network of co-conspirators using wire transfers or debit cards. The crime committed by the defendants was criminal because it was a crime committed not only against the individuals but also the government. The investigation of the crime includes the Treasury, Homeland Security, Customs Enforcement, police officials, and the Secret Service. After the investigation, the justice department charged 61 people and entities. The grand jury in the US District Court charged the defendants with a conspiracy to commit identity theft, money laundering, wire fraud, and false personification of an officer. The defendants deserved to be jailed and even fined for the crimes they committed as it was a crime that created fear among people in the society. The masterminds of the crimes committed deserve to be prosecuted, and their operations closed so as to ensure that they do not steal any more from people. The actions tend to impact the society as criminals are working to steal the hard earned money from people through the use of federal resources leading to people questioning their trust in the state. 

Sherry Roberts is the author of this paper. A senior editor at MeldaResearch.Com in college research paper services if you need a similar paper you can place your order for best essay services online.