It is no longer necessary to argue for the importance of white-collar crime.
Its devastating financial and physical effects are obvious.
Thus, it is important to discover suitable social defence resolutions to prevent, detect, investigate and prosecute such criminals and curb this increasing menace of white collar crimes without discouraging healthy business growth.
Big fines paid by businesses that break the law provide no incentive for companies to change cultures that lead to that illegal activity, says Jed S.
Rakoff, a senior judge on the bench of the United States District Court for the Southern District of New York.
Even large fines and bad publicity are often viewed as a cost of doing business rather than a deterrent for companies that break the law.White collar crimes refer to those anti-social activities which are committed by persons of respectability and high social status in the course of their occupation and profession.Such activities involve variety of injurious actions volatile of regulatory, civil or criminal laws.They would have paid any amount of money, done anything to avoid going to prison.So prison does have a major deterrent effect,” he says.The task now is to develop better ways to control and prevent white-collar crimes.In this paper, we argue that in order to reduce white-collar crime we must first identify the specific opportunity structures associated with the offenses we wish to prevent.And a common federal tactic, so-called “deferred prosecution,” is in effect a “get out of jail free” card for executives, says the jurist.Although the public might like to see accused executives wind up behind bars, they don’t because the U. Department of Justice finds it easier to prosecute corporations instead of the people who run them, he says. Rakoff’s work as a prosecutor is covered in Jesse Eisinger’s recently released book .Rakoff spent seven years prosecuting white-collar criminals as a federal prosecutor before shifting to a private practice, where he defended many of them for 15 years.He was appointed to the federal bench by President Bill Clinton in 1995 and now hears cases stemming from alleged criminality by corporations at the heart of this country’s financial system.