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SOC*1500 - Week 10 Notes - Corporate Crime .docx

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SOC 1500
Mavis Morton

SOC*1500 November 7, 2011 Week 10 Corporate Crime Lawful but Awful - “By concentrating on what is officially defined as illegal or criminal, a more serious threat to society is left out. This threat is caused by corporate practices that are within the letter of the law and yet have multiple adverse social consequences” (Passas, 2005:771) o The lower you are on the economic scale, the more regulated you are bound to the criminal justice system Passas Argument “…by overlooking crime and malpractices with fare more negative conseuqneces that the official crime problem…Just when more regulatory action and oversight is imperative, part of the neoliberal agenda and practice around the globe is to de-regulate businesses and further reduce the role of the state” (Passas:2005) White Collar Crime 1. Stings and swindles – stealing through deception with no business position (e.g. door to door sales faulty merchandise) a. Selling things to many when you only have a few products 2. Chiselling – cheating an organization or its consumers regularly (e.g. misrepresent product) a. Beet Nut Corp. sued for selling „apple juice‟ when it was only sweetened water b. Pharmacists altering prescriptions c. Insider trading – Martha Stewart 3. Individual Exploitation of Institutional Position – using your power to take advantage of others (e.g. Police bribes) a. Government employees that accept kickbacks from companies where they award a certain contract to them 4. Influence Peddling and Bribing – individuals sell their power, influence and information to outsiders. 5. Embezzlement & Employee Fraud – use positions to embezzle company funds or propertyfor themselves a. Selling for the original price when it is on sale and pocketing the different b. BRE-X Gold mining that released a press release lying about the size of the gold depositis 6. Client Frauds – theft by a client from an organization that advances credit to its clients (tax fraud. E.g. Conrad Black) 7. Corpor
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