On White Collar Crime Wednesday, we usually outline famous (infamous) white collar crime cases such as; where the term Ponzi Schemeoriginated, the Real Wolf of Wall Street and the Types of White Collar Crimes.
Today’s title should allude as to what we are blogging about today. Con-men (and women) and their ability to charm, convince and deceive people out of millions of dollars.
Bernie Madoff (Madoff Ponzi Scheme) and Jordan Belfort (better known as the Wolf of Wall Street) had one characteristic in common, charm.
According to various studies conducted by the Association of Certified Examiners, approximately 90% of white collar criminals have no previous criminal record. It also shows that the higher the monetary value of the economic crime, the less likely that the perpetrator will have a previous criminal record.
How do you protect yourself and your business?
White Collar Criminals need four components to exist: Money, Trust, Greed and Opportunity. When you remove one of these (especially trust and opportunity) your chance of being a victim significantly decreases.
Most criminals will only commit a crime if they believe the benefit trump the risk. Do not be too trust worthy and also surround yourself with objective and trusted advisors – outside of the firm you are working with.
Thomas Ruskin 