«Key Terms» - Great Essay Sample

«Key Terms»

Conspiracy

For the crime to be considered a conspiracy there should be a combination of two or more people, who have succeeded in executing an unlawful act, which in turn results in damages to another person, a group of people or property. In relation to business, a conspiracy crime is a scenario, where two or more people secretly agree to cause harm to the business or business environment of other people, thus resulting in damages or losses (Patel, 2010).

Embezzlement

Embezzlement differs from regular larceny because whereas embezzlement refers to stealing money or misappropriation of funds specifically from place of work, larceny is simply the act of stealing at any place. In regards to business, any act that leads to misappropriation or stealing funds in a business organization, eventually causing economic constraints is referred to as embezzlement (Ryan, 2015).

Felonies

Felonies constitute serious business crimes.  For instance, a felony would include falsifying of documents to illegally acquire one’s business, or committing murder of a business partner in order to take over the firm as a sole owner. Under the penal code, crimes of this nature are referred to as felonies because once executed, they have serious implications for victims or businesses (Podgorny, 2009).

Fifth Amendment

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Fifth Amendment relates to business in an event when someone has committed a business crime. For instance, fogery of business documents or murder of a business partner for selfish purposes, such a person is guaranteed right to a grand jury, and is protected against self-incrimination (Gedicks, 2009). Similarly, in case the government takes over personal property, for example, a business firm for public utilization, it is duly required to compensate the affected individuals.

Foreign Corrupt Practices Act

FCPA, in relation to business makes it unlawful for business companies as well as their supervisors to influence any person with payment or rewards with intentions to bribe the foreign officials. Furthermore, it addresses transparency requirements in the Securities Exchange Act.

Fourth Amendment

The Fourth Amendment relates to business because it prohibits unreasonable searches and seizures of personal property; with the inclusion of businesses unless a warrant has been issued, upon probable cause and supported by an oath, specifically addressing the place or property to be searched in addition to the persons or property to be seized.

RICO

In 1970, RICO was passed in an effort to combat mafia groups that had sprouted in the US (Pontell & Geis, 2007).  The Act is necessary because it regulates a variety of organizations that are involved in corrupt deals, for instance, corrupt police departments and motorcycle gang that endanger the lives and businesses of the US citizens. Business regulations should be increased because they protect citizens from exploitation from selfishh entrepreneurs as well as curbing illegal business deals.

Sixth Amendment

In relation to business, the Sixth Amendment guarantees the right of criminal defendants, which include the right to public trial without delay, right to a lawyer and impartial jury (Pontell & Geis, 2007). In addition, it applies to individuals who have committed crimes related to business.

White Collar Crime

For a crime to be classified as white collar, it must be committed by a person or persons with a sole financial gain intention. In most cases, for a crime to qualify as white crime, it must come as a result of a collusion between a business and government officials, but with no violence or use of force involved (Pontell & Geis, 2007). By contrast, a normal crime is described as any unlawful engagement. The separation of crimes is extremely vital because in the white collar crime, there is always a clear intent for parties involved in it, while normal crimes, sometimes, may be committed unintentionally.

White Collar Crime Penalty Enhancement Act of 2002

The law was enacted as a response to increased conspiracy to commit an offence against, or to defraud the U.S. Government. In essence, the law is necessary because by increasing the penalties for white collar crimes, it seeks to reduce this type of crimes in the U.S. (Pontell & Geis, 2007). More regulations should be enacted to increase penalties in order to protect the state from sophisticated fraudsters and illegal businesses.

 

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