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Essay / White Collar Crime: The Ponzi Scheme - 2796
I. INTRODUCTION Shirley Lee was preparing to retire when she discovered her life savings had disappeared. Shirley and many members of her community have invested more than $90 million in James Powell and Calwell Investment Company. However, the victims were told that their money would be invested in real estate; their money was transferred to Calwell and Powell's personal account, where they used the money for their family, vacations, and home renovations. The Ponzi scheme quickly collapsed, Calwell died before even going to trial, while Powell pleaded guilty to mail fraud and was sentenced to just ten years in federal prison. People who commit these types of white-collar crimes need to be investigated and punished more rigorously. Ten years seems like a small punishment for all the damage Powel caused and all the lives that were ruined. However, this is normal: many schemers across the country, caught committing similar crimes, are subject to the same sanctions. Shirley Lee can no longer retire, she has lost all her savings and she will probably lose her house too. There are many other stories like that of Shirley Lee; many of them never see their attacker go to prison. White-collar crimes like the one that happened to Shirley Lee are prevalent in today's society. Many view white-collar crime as less threatening than typical blue-collar crime (i.e., thefts). However, both crimes have a negative impact on society. White-collar crime causes more direct financial harm than blue-collar crime. Blue-collar criminals cause more physical harm and are therefore often investigated and punished more rigorously. Both of these crimes have significant emotional implications and should both be treated and prosecuted to the fullest extent of the law. Emotion...... middle of paper ......from Civil RICO, 30 Harv. J. On Legis. 2. Levi, M. (March 2012). Financial crimes and the criminalization process. Nathanson Center on Transnational Humor Rights, Crime and Security. Lecture given at York University, Toronto, Canada. Lewis, M. (2008). White-collar crime, preparation for enhanced enforcement. Philadelphia: Deloitte Forensic Center. Retrieved from http://www.morganlewis.com/pubs/ML_Deloitte_WhiteCollar_WhitePaper_Enhanced_Enforcement.pdf Reimen, J. Leighton, P. (2012). The rich get richer and the poor go to prison: ideology, class, and criminal justice. Boston: Pearson. Sanders, M. (1987). WNET and Films for the Humanities. Crime in the aftermath. Princeton, New Jersey: Films for the Humanities and Sciences. Sherman, M. (2001). White-collar crime. Washington, DC: Federal Judicial Center Sutherland, E. H. (1949). White-collar crime. New York: Dryden Press.