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date: 27 May 2019

Abstract and Keywords

From an employee who steals $50 from the cashbox to a multibillion-dollar conspiracy to manipulate interest rates, the costs of white-collar crime are far-reaching and often extend beyond the pure financial realm. Many victims of financial frauds suffer psychological harm akin to those of assault victims. Pharmaceutical manufacturers have been convicted of falsifying test results finding an increased risk of side effects, resulting in patients suffering needless injury or death. Oil companies have been convicted of causing major spills leading to property damage, lost earnings, and environmental harm. Ultimately, the study of white-collar or corporate crime costs is not much different from that of street crime: both require a comprehensive look at a host of harmful outcomes, including monetary, psychological, and health-related impacts. What makes the study of white-collar crime costs more difficult is the lack of consistent victimization data and the fact that much white-collar crime involves regulatory offenses and/or occurs during legitimate business activities.

Keywords: costs of white-collar crime, corporate crime, fraud, regulatory offenses, victimization

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