Consequences of Whitecollar Crime

WHITE-COLLAR CRIME IS massive in its impact. It takes a toll on individuals specifically and society in general. Its toll can be characterized as economic harm, physical harm, and emotional harm. In terms of economic losses, criminologists agree that billions of dollars are lost annually to white-collar crime. In the savings and loan crisis alone, experts suggest that up to $500 billion was lost to fraud. Estimates from the federal government suggest that white-collar crime costs up to 15 times as much as street crime. Not included in these estimates are the enormous ancillary economic costs that come along with the prevention, investigation, and prosecution of these offenses.

Economic costs are also experienced by individual victims. Whereas the average robbery nets around $900, the average ...

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