Tuesday, December 17, 2019

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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