A Look at White-Collar Crime By Michael Torney

White-collar crime encompasses tax evasion, economic espionage, unethical business practices, and various forms of fraud. Offenders are prosecuted by the Federal Bureau of Investigation and the U.S. Securities and Exchange Commission. Common examples of white-collar crimes include counterfeiting, identity theft, bribery, and insider trading. Health care fraud, which occurs when unlicensed medical practitioners charge patients for medical treatment, and racketeering, which involves the operation of an illegal business, also fall under this category. Often more complex and intricate than physical crimes, white-collar crime is difficult to detect and can cost victims millions of dollars. The past decade saw several notable white-collar crime cases. The Enron scandal of 2001, in which the energy firm utilized illicit accounting methods to hide debt, led to the formation of several federal regulations. In 2004, Martha Stewart was sentenced to prison for insider trading, and Bernard Madoff was prosecuted in 2008 for running a Ponzi scheme that cost investors billions of dollars. About the Author A 2013 Juris Doctor Candidate, Michael Torney attends Washington University School of Law in St. Louis. While in law school, Torney discovered an interest in white-collar criminal law.