White Collar Crime Costs American Tax Payers - 2111 Words

White collar crime costs Americans tax payers an estimated â€Å"$300 billion annually† (White-collar Crime), but more importantly hurts millions of American emotionally and financially who put their trust in stock market and financial institutions. Surprisingly, even with the astronomical cost only a few perpetrators are ever indicted and even fewer receive any sort of punishment for their greed and selfishness. On October 1, 2014 Florida had witness a rare indictment of not one or two but three Florida bankers trying to side step FDIC into giving them a subsidy loan over $3 Million. Donald â€Å"Terry† Dubose, Frank A. Baker, and Elwood â€Å"Woody† West were all indicted on twelve different counts of banking-related fraud. Terry Dubose, Frank Baker, and Woody West were all bank directors and shareholders of the Costal Community Bank (CCB) with location in Panama City, Florida and Port St. Joe, Florida. Terry Dubose was chairman and Chief Executive Officer of Coastal Community Bank while holding the second largest shareholder. Frank Banker was the acting Attorney while having the largest shares of the community bank. Woody West was the CCB Chief Financial Officer. Coastal Community Bank that Dubose, Baker, and Woody West was supposed to run and manage was already failing from bad loans and high level of insider abuse. According to HTcreative website Insider loans were so high it been recorded up to â€Å"$16,090,000† in the month of September of 2007 a month prior to Coastal Community BankShow MoreRelatedJeffrey Reiman, He Is The Author Of The Book The Richer930 Words   |  4 Pagesaccompanied with a general refusal to remedy the causes of crime poverty and discrimination. This book can be said as critique of criminal justice. 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In other wordsRead MoreDecade of Corporate Greed1167 Words   |  5 Pagesderegulation and the growth of business in America. These Ideas markedly opposed the views of the governmental interventionist policies of the 1960’s and 70’s with these ideas Reagan hoped to decrease governme nt Involvement and heavy taxes. With these tax cuts Reagan’s thinking was that many new businesses would spawn and that it would have a trickledown effect by not only empowering businesses to grow and hire more people which in the end would benefit all from those on top in the corporate world allRead MoreThe Death Penalty Should Be Abolished1404 Words   |  6 Pagescompletely abolished. As the public opinion of capital punishment changes, there has been a drastic shift in the way states are carrying out death penalty sentences. Since 2007, seven states have abolished the death penalty as a possible punishment for crime (Schmalleger 369). 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They do not provide for the needs of residents, resulting in many of the problems these low-income housing projects face today. These problems range from endangerment of human lifeRead MoreMoney Laundering13123 Words   |  53 Pages An organized crime Why it is done | 2. | Stages and Process Of Money Laundering | 3. | Vulnerability of the Financial System to Money Laundering | 4. | Banking Sector: Medium, Regulator And Cause | 5. | Private Banking And Money Laundering: | 6. | What Banks Should Do? | 7. | Indian Law For Prevention Of Money Laundering | 8. | Law Enforcement Authorities | 9. | Tax Havens And Money Laundering