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Chapter 7

SOC 1500 Chapter Notes - Chapter 7: Ponzi Scheme, Insider Trading, Embezzlement


Department
Sociology
Course Code
SOC 1500
Professor
Michelle Dumas
Chapter
7

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Chapter 7: Crime in the Context of Organizations and Institutions
White-Collar Crime: Crime that is committed by a person of respectability and high social status in the
course of his occupation.
Misrepresentation in financial statements of corporations.
Manipulation in the stock market.
Commercial robbery.
Bribery of public officials directly or indirectly to secure favourable contracts and legislation.
Misrepresentation in advertising and salesmanship.
Embezzlement and misappropriation of funds.
Misapplication of funds in receiverships and bankruptcies.
Corporate Crime: Crime that benefits a corporation not just an individual.
Occupational Crime: Individuals who commit crime within the course of their employment roles.
Theft: Removal of job related items from the workplace.
Fraud: Insider trading; using information not available to the public to gain personal advantage
in buying and selling stocks.
Ponzi Scheme: A form of fraudulent investment.
The Public as Victim:
Corporations dump toxic waste into populated areas or make false claims about
pharmaceuticals.
Engineering travesties on the environment through mining, drilling, and open-pit mineral
extraction.
Crime against Consumers:
Price-Fixing: Situation where companies get together and agree to set or fix prices on goods or
services, which they then sell on the open market.
Products also injure consumers due to companies not following precautions, such as defected
vehicles.
Competition Bureau’s Acts:
Competition Act.
Consumer Packaging and Labelling Act.
Textile Labelling Act.
Precious Metals Marketing Act.
Workers as Victims:
Occupational Death: Third leading cause of death in Canada. Death of a worker at work.
State-Corporate Crime: Illegal or socially injurious actions that occur when one or more
institutions of political governance pursue a goal in direct co-operation with one or more
institutions of economic production and distribution.
Causes of White-Collar Crime:
Criminal Opportunities.
Decision Making.
Characteristics of Offenders.
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