Topic > White Collar Crime: The Ponzi Scheme - 2796

I. INTRODUCTIONShirley Lee was preparing to retire when she discovered her life savings were gone. Shirley and many members of her community have invested more than $90 million in James Powell and Calwell Investment Company. The victims were told that their money would still be invested in real estate; their money was transferred to Calwell and Powell's personal account, where they used the money for their families, vacations and home renovations. The Ponzi scheme soon 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 more rigorously investigated and punished. 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, receive the same punishments. Shirley Lee can no longer retire, has lost all her life savings and will probably lose her home too. There are many other stories like Shirley Lee; many of them never see their offender go to prison. White collar crimes like what happened to Shirley Lee are prevalent in today's society. Many consider white-collar crime less threatening than typical blue-collar crime (e.g. robberies). Both crimes, however, negatively impact society. White-collar crimes cause more direct financial harm than blue-collar crimes. Worker criminals cause more physical harm and for this reason are often examined and punished more rigorously. Both crimes have significant emotional implications and should be dealt with and prosecuted to the fullest extent of the law. The emotion...... in the center of the sheet ......of Civil RICO, 30 Harv. J. Su Legis. 2. Levi, M. (2012, March). Financial crimes and the criminalization process. Nathanson Center on Transnational Humor Rights, Crime and Security. Lecture conducted by York University, Toronto, Canada. Lewis, M. (2008). White collar crime, preparing for strengthened enforcement. Philadelphia: Deloitte Forensic Center. Retrieved http://www.morganlewis.com/pubs/ML_Deloitte_WhiteCollar_WhitePaper_Enhanced_Enforcement.pdfReimen, 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 film for the humanities. Crime in the suites. Princeton, New Jersey: Film 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.