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Business Crime and Their Examples

Business Crime and Their Examples
December 08, 2018
Author : Ashley Simons

If you have ever seen Suits or some other legal drama you will find one thing common with all of them; every fictional firm has a corporate client. So, why exactly do companies need the help of lawyers? To help them commit crimes and get away with it? Well, maybe but there is another one. There is a rise in business crime or as the intellects like to say “white collar crime”.

Business Crime Assignment – Understand Why it is Important

Generally, business crime includes frauds or other crimes that occur when a person with access to privileged information abuse their status. White collar crimes are committed by business professionals and government employees. They are called white collar crimes because they are generally committed by a person who holds a high social status and a respectable position in his occupation. Business crime does not include rape, burglary and other crimes which require the use of force. It is important to study business crime because most of them are not even detected. Those which are caught and investigated are difficult to prosecute. As a business law student, it is your job to understand the nature of the crime and investigate the same. A prosecution is difficult because –
  1. The organisations do not like to report such crimes because they worry about their reputation of information confidentiality. Think of what will happen to them when the people learn they cannot even keep data safe from their employees, let alone outsiders.
  2. The people committing a business crime do a great job in covering their tracks and concealing their activities. The transactions they make are complex, difficult to identify and certainly not easy to track and watch.

You might have Seen these Examples of Business Crime around you

Violation of Australia competition law

It is when the person in power does not allow other businesses a chance to take up the responsibility. If your assignment says anywhere that so and so a person always gave out the order to single company and never allows other business a chance, there is a high probability that the person is taking a commission for the purchase order and this is a part of the business crime.

Internet Fraud

People have upped their game and are now using the internet to commit crimes. Generally, they are called online scams. One popular scam is the online automotive fraud. Listen carefully because it might be your next assignment. The fraudster sends a picture of a Bentley Continental GT to you with a description (generally available on popular websites). You saw the pictures, interested, reply back. You are hopeful for striking a bargain and the price was lowered well down the market price. You are happy but the person says he lives overseas but he can ship the car if the full value is received. You say no problem and wire the money. The next thing you know, there goes your money with no way of ever getting it back.

Credit Card Fraud

Credit card frauds happen when the person obtains goods without paying for them. One might think that the ratio of credit card fraud is quite low out of all card related crimes, this type of scam has still caused heavy money loss to the companies. If you are a business law student, your job is to make sure that no credit card frauds happen for the organisation. This is ensured by keeping a check on all the incoming orders and checking how much is a person actually paying for the good. The most common cause of this scam is by stealing the data of the card (PIN and other details).

Telephone Fraud

In this type of frauds, the companies add charges in the billing cycle for the services that the customer didn’t subscribe, order or desired. Or it may be when the companies do not disclose the full fees to the customers or the plan was not explained clearly. These charges are generally enjoyed by third-party suppliers. Another type of fraud that happens here is when a customer calls up the company where the fraudster directs the call to another accomplice who is overseas. This way the subscriber is charged for placing long distance calls and waiting charges. This way the dishonest employee gets a good share out of the scam.

Insurance Fraud

Insurance scammers use dishonest ways of availing the money they hold against an insurance. For example, you have an insurance of 1 million dollars in case of your death. Your wife/husband wants that money and asks you to play along. You stage a fake death, make the insurance officers believe that you have died and the significant other is paid the sum. You both are happy, take the money and fly to Bahamas or Panama. This kid is doing an insurance fraud so wonderfully but too bad the driver had a dash cam.

Tax Evasion

You have heard this one, right? Yeah, your mom or dad might have discussed it among themselves or with your friends when you were little but now you see what was going on don’t you? Let us assume that you are a lawyer for the company which should have paid 1 million dollars as a tax this financial year but they only paid $500,000. Now, as a business lawyer, it is your role to ask that why did they not pay the entire amount. Either you make them pay the rest or they will be charged for tax evasion. Tax evasion is done by –
  • Declaring less income
  • Exaggerating the deductions
  • Showing lower profit than actually earned

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About the Author

Ashley Simons

Ashley Simons

Starting as a law professional, Ashley often made time to help her juniors and peers with their queries and academic needs. She joined the team of My Assignment Services as a law assignment writing expert after completing her postgraduation. Her area of expertise ranges from business law, contract law, employment law, criminal law, tort law, etc. and have been seeing students excel under her guidance. She has also contributed articles and advice to the Law Council of Australia. She practiced law for 5 years as a freelance lawyer before becoming an academic advisor.


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2023-04-02 21:59:41
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