Financial crime – is there any way out of the theoretical deadlock?

2017 ◽  
Vol 24 (4) ◽  
pp. 529-540
Author(s):  
Paul Eisenberg
Keyword(s):  
Design Methodology ◽  
State Of The Art ◽  
White Collar Crime ◽  
White Collar ◽  
The State ◽  
Financial Crime ◽  
Content Type ◽  
The Past ◽  
Financial Scandals ◽  
Research Questions

Purpose This paper aims to approach fundamental topics of financial crime and the law. What does constitute financial crime? Which field of law is best suited to address the threats of transgression by financial executives? What does motivate highly rewarded financiers to become white collar criminals? Design/methodology/approach To answer these research questions, contemporary theories of criminology in general and of white collar crime in particular, as well as theories on motivation, are critically discussed. Benefits and limitations of the theories in use are exemplified on the background of the London Interbank Offered Rate (LIBOR) scandal. Findings The paper criticises that the state-of-the-art theories are not able to embrace financial criminality in its entirety. A provoking pace for further research might be that of psychopathic disorders among white collar criminals. Thus, white collar crime maintains its challenging character. Originality/value This paper provides a thorough testing of multidisciplinary theories that emerged over the past decades against the recent LIBOR scandal. The research questions addressed and the methodologies applied provide a framework for the assessment of the prevailing theories against other financial scandals.

scholarly journals Hypotheses on the causes of financial crime

2019 ◽  
Vol 27 (1) ◽  
pp. 245-257
Author(s):  
Vincenzo Ruggiero
Keyword(s):  
Design Methodology ◽  
White Collar Crime ◽  
Economic Thought ◽  
Financial Crime ◽  
Content Type ◽  
Classical Economics ◽  
Financial Crimes ◽  
Universal Values ◽  
Classical Economic ◽  
And Control

Purpose The purpose of this paper is to examine the aftermath of the 2006-07 financial crisis and attempts to identify a range of causes that were responsible for it and are likely to trigger similar events in the future. The analytical tradition established by the study of white-collar crime provides the background for such an examination, which avails itself of some conceptualisations derived from classical economic thought. Design/methodology/approach Explanations of financial crime can resort to general theories based on allegedly universal values. They can posit the existence of criminaloids, namely, individuals who indulge in illegal practices, or ‘honest fraud’, while not deeming themselves culpable. Anomie and control theory in criminology have highlighted how the causes of financial crime are associated with general criminogenic contexts or with individual propensities or mindsets. This paper adds to the existing perspectives a number of variables that can provide a more nuanced picture of financial crimes. Findings This paper attempts to identify a range of discrete variables that can be termed interstitial in the sense that they can accompany a variety of theoretical hypotheses, locate themselves in the space left in between the different approaches while providing supplementary analytical foci. Ignorance, entitlement, reverse Keynesianism, recklessness, efficiency and the finance curse may offer additional angles from which the causation of financial crime can be observed. Sociological and criminological arguments, in this paper, are interspersed with notions derived from classical economics. Originality/value The originality of this contribution is to be found in its use of different theoretical traditions, establishing a dialogue between social theory, criminology and economic thought.

What does work mean to your workers?

2017 ◽  
Vol 25 (5) ◽  
pp. 15-17
Keyword(s):  
Design Methodology ◽  
White Collar Crime ◽  
White Collar ◽  
Blue Collar ◽  
Content Type ◽  
Blue Collar Workers ◽  
White Collar Workers ◽  
Pertinent Information ◽  
Hr Managers ◽  
Practical Implications

Purpose This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting-edge research and case studies. Design/methodology/approach This briefing is prepared by an independent writer who adds their own impartial comments and places the articles in context. Findings Talk of blue-collar and white-collar workers will seem faintly outdated for many HR managers. For some, blue-collar workers will conjure up images from the 1970s and 1980s of striking mineworkers, some of the terrible conditions in steel works or in car factories in the pre-robot era. And as for white-collar workers, again this term seems a little anachronistic, albeit it has recently been adopted when referring to computerized “white-collar” crime. And as for pink-collar workers, this surely was left for dead in the 1970s along with bell-bottom flares and male perms. Practical implications The paper provides strategic insights and practical thinking that have influenced some of the world’s leading organizations. Originality/value The briefing saves busy executives and researchers hours of reading time by selecting only the very best, most pertinent information and presenting it in a condensed and easy-to-digest format.

Stealing from the boss: who is looking?

2016 ◽  
Vol 23 (3) ◽  
pp. 613-623
Author(s):  
Peter John Lenz ◽  
Adam Graycar
Keyword(s):  
Design Methodology ◽  
White Collar Crime ◽  
Listed Company ◽  
White Collar ◽  
Lessons Learned ◽  
Corporate Fraud ◽  
Content Type ◽  
Secondary Sources ◽  
Occupational Fraud ◽  
And Control

Purpose The purpose of this paper is to discover organisational governance lessons that emerge from the unique facts and characteristics of one significant corporate fraud in Australia. Design/methodology/approach Data were triangulated between a primary loss adjustment file with multiple commercial and legal secondary sources. The data were analysed and conclusions were inductively drawn as part of a master’s degree research project. Findings White-collar crime takes many forms but it is rare for a medium-sized ASX listed company to be defrauded of Aus$22 m without anybody noticing. Narrative findings reveal the dynamics of the fraud and the weaknesses in corporate governance. This paper outlines the processes of detection and control. It provides several lessons for organisational governance that could prevent similar occupational frauds in the future. Research limitation/implications This unique fraud case has facts which are not necessarily typical of fraud in general. Anonymity in the case seeks to preserve the identities of the parties, but may in fact limit the potential for transparent discussion. Social implications While detecting and investigating occupational fraud has benefits for practitioners and commentators, there are extensive direct and indirect social costs associated with this case. Originality/value The value of this case lies in revealing details of how a significant fraud was perpetrated so that fraud investigators, accountancy professionals, academics and students can benefit from lessons learned.

Impact of COVID-19 on financial institutions: Navigating the global emerging patterns of financial crime

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Christoph Wronka
Keyword(s):  
Financial Institutions ◽  
Global Economy ◽  
Design Methodology ◽  
Financial Sector ◽  
Financial Crime ◽  
Content Type ◽  
The Past ◽  
The World ◽  
Emerging Patterns ◽  
The Impact

Purpose The current COVID-19 pandemic has already proven to be one of the world’s deadliest crises in modern history with far-reaching impacts on different sectors of the global economy. The financial sector is among the most widely affected by the economic crisis occasioned by the COVID-19 pandemic. One of the most notable effects is related to financial crime. It is against this backdrop that the present study aimed to examine the impact of COVID-19 on financial institutions with the main focus being on financial crime Design/methodology/approach Its twofold objectives were to critically examine the global emerging patterns of financial crime and their association with the COVID-19 pandemic; and to investigate how financial institutions across the world have been responding to, managing, and dealing with the emerging patterns of financial crime brought about by (or linked to) the COVID-19 pandemic. Findings It was found out that as the pandemic ravages the world and pushes people and businesses to the very limits of their endurance, many financial sector stakeholders and players are responding in ways that put the entire financial sector and all its stakeholders at great risk. Specifically, COVID-19 pandemic has led to the emergence of new patterns of financial crime that were either unheard of or were not as rampant in the past. Originality/value Both the descriptive and correlation analyses produced by this study provide new insights into the impact of COVID-19 on financial institutions with a main focus on financial crime.

Fraud detection suicide: the dark side of white-collar crime

2016 ◽  
Vol 23 (4) ◽  
pp. 786-797 ◽  
Author(s):  
Richard G. Brody ◽  
Frank S. Perri
Keyword(s):  
Law Enforcement ◽  
News Media ◽  
Design Methodology ◽  
White Collar Crime ◽  
White Collar ◽  
Dark Side ◽  
Sources Of Information ◽  
New Approach ◽  
Content Type ◽  
Financial Gain

Purpose The purpose of this paper is to explore the issue of suicide, a violent act against one’s self, as it relates to white- and red-collar crimes. White-collar crime can be described as nonviolent crime committed for financial gain. Red-collar crime describes a situation where a white-collar criminal commits an act of violence, often murder, to silence someone who is in a position to report a fraud they have perpetrated. Previous research has not addressed the issue of suicide, as it relates to white- and red-collar crime. Design/methodology/approach The analysis is conceptual, focusing on the historical underpinnings of white- and red-collar crime and reviewing the evolution of white-collar criminals. Sources of information consisted of published news media, scholarly articles and articles retrieved from the web. Findings A suicide may be linked, directly or indirectly, to a financial crime. Law enforcement must be careful not to jump to conclusions, as there is a possibility that a staged suicide has occurred. Originality/value Law enforcement individuals may want to consider an additional motive when investigating a suicide, especially when the victim has some type of connection to a known fraud. This type of connection may not be readily apparent and may require a new approach on the part of a law enforcement investigation.

Financial fraud investigative interviewing – corporate investigators’ beliefs and practices: a qualitative inquiry

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Michael King
Keyword(s):  
Design Methodology ◽  
White Collar Crime ◽  
White Collar ◽  
Qualitative Inquiry ◽  
Financial Fraud ◽  
Investigative Interviewing ◽  
Content Type ◽  
Beliefs And Practices ◽  
Academic Literature ◽  
Depth Interviews

Purpose The purpose of this paper is to examine the investigative interviewing processes in the context of financial frauds, as experienced by corporate investigators. Design/methodology/approach A diverse sample of 33 corporate investigators individually participated in in-depth interviews. Findings This study examined perceptions of investigative interviewing of those undertaking fraud investigations. The corporate investigator’s response indicated understanding of the necessary skills required to conduct interviews. The findings suggest that the investigator agreed on the interviewing skills that are required to conduct interviews; however, upon reflection, they may not use the skills during interviews. Originality/value This study is the first to reveal limitations in corporate investigators’ investigative interviewing and fills a gap in the academic literature by examining corporate investigators’ beliefs and practices in conducting their private investigations of corporate and white-collar crime.

Review of recent trends in gas sensing technologies and their miniaturization potential

Sensor Review ◽  
2014 ◽  
Vol 34 (1) ◽  
pp. 24-35 ◽  
Author(s):  
Sari Lakkis ◽  
Rafic Younes ◽  
Yasser Alayli ◽  
Mohamad Sawan
Keyword(s):  
Design Methodology ◽  
Gas Sensing ◽  
State Of The Art ◽  
The State ◽  
Content Type ◽  
Novel Technologies ◽  
Advantages And Disadvantages ◽  
Different Types ◽  
Recent Developments ◽  
Recent Trends

Purpose – This paper aims to give an overview about the state of the art and novel technologies used in gas sensing. It also discusses the miniaturization potential of some of these technologies in a comparative way. Design/methodology/approach – In this article, the authors state the most of the methods used in gas sensing discuss their advantages and disadvantages and at last the authors discuss the ability of their miniaturization comparing between them in terms of their sensing parameters like sensitivity, selectivity and cost. Findings – In this article, the authors will try to cover most of the important methods used in gas sensing and their recent developments. The authors will also discuss their miniaturization potential trying to find the best candidate among the different types for the aim of miniaturization. Originality/value – In this article, the authors will review most of the methods used in gas sensing and discuss their miniaturization potential delimiting the research to a certain type of technology or application.

The changing face of additive manufacturing

2017 ◽  
Vol 28 (1) ◽  
pp. 10-17 ◽  
Author(s):  
Ian Gibson
Keyword(s):  
Additive Manufacturing ◽  
3D Printing ◽  
Design Methodology ◽  
State Of The Art ◽  
Personal Perspective ◽  
Numerous Application ◽  
Content Type ◽  
The Past ◽  
Current State ◽  
The Future

Purpose The purpose of this paper is to discuss the current state-of-the-art in additive manufacturing, more commonly known as 3D printing, from the business perspectives. The primary drivers behind the development of the associated technologies are considered along with features that limit growth. Design/methodology/approach The approach is a personal perspective, based on approximately 25-years study of the development of the associated technologies and applications. Findings The discussion has found that the technology is still growing healthily, but with an understanding that there are numerous application areas that should be considered separately. Some areas are significantly more mature than others and success in some areas does not guarantee success in others. Originality/value This viewpoint has been prepared for the current state-of-the-art and can be compared with earlier viewpoints to see how things may have changed in the past. This should be of value to those interested to explore how the technology has developed in recent times and how it may move into the future.

SEC charges broker-dealer and AML officer for failing to file SARs related to pump-and-dump scheme

2017 ◽  
Vol 18 (3) ◽  
pp. 41-43
Author(s):  
Bradley J. Bondi ◽  
Charles A. Gilman ◽  
Kimberly C. Petillo-Décossard ◽  
John J. Schuster ◽  
Sara Ortiz
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Service Providers ◽  
White Collar Crime ◽  
White Collar ◽  
Securities And Exchange Commission ◽  
Clear Understanding ◽  
Content Type ◽  
Reporting Requirements ◽  
Administrative Proceeding

Purpose To explain a recent US Securities and Exchange Commission (SEC) administrative proceeding targeting a broker-dealer as part of the Commission’s continuing efforts to enforce anti-money laundering (AML) regulations and reporting. Design/methodology/approach This article explores the factual and legal contours of a specific SEC administrative proceeding to better understand the affirmative steps the Commission expects of financial service providers as it relates to AML activities and reporting. Findings Given the SEC’s current enforcement focus, it is critical that financial institutions conduct their activities with a clear understanding of the AML regulations, investigatory expectations and related reporting requirements associated with the provision of brokerage and advisory services to US clients and customers. Originality/value This article highlights the SEC’s continuing interest in broker-dealer AML policies and compliance and provides analysis from experienced lawyers with expertise in financial services, securities and white collar crime.

What makes a successful corporate investigator

2020 ◽  
Vol 27 (3) ◽  
pp. 701-714 ◽  
Author(s):  
Michael King
Keyword(s):  
Design Methodology ◽  
White Collar Crime ◽  
White Collar ◽  
Structured Interviews ◽  
Content Type ◽  
Academic Literature ◽  
Police Detective ◽  
Skills Education

Purpose The purpose of this study is to identify the attributes – skills, education and qualifications – required to be a contemporary corporate investigator. Design/methodology/approach To address heretofore unexplored areas in the literature, this study used data collected from semi-structured interviews with 33 corporate investigators in Australia. Findings This paper highlights the complexities that surround corporate investigations and identifies nine attributes critical for investigative success. The findings identify some commonalities with police–detective skills and suggest that the corporate investigator needs the skills of an accountant and a lawyer to complement these investigative skills. Originality/value Studies of private investigators are rare as such; therefore, this paper fills a gap in academic literature by examining the skills necessary to conduct private investigations of corporate and white-collar crime.

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