As your business consultant, it is our responsibility to inform you about the things you need to know to be able to start your business and do your business right. For today, we will discuss White Collar Crimes. You might be wondering what it has to do in your business. We want you to know the law so that you will not commit any violation in relation to this because the consequences can be severe.
What are white-collar crimes? The Federal Bureau of Investigation defines white-collar crimes as offenses to the law committed by professionals in the field of business and those with a position in the government. These crimes are non-violent and are financial in nature with offenders engaging in secret dealings and deception to further their own interests. An example of white-collar crimes is leaking company secrets. The offender may share trading secrets and other confidential information crucial to the company’s success. When competitors know about this particular formula, they can use it to advance their own interests which will affect the performance and success of the company. An example of this case happened when a former Microsoft employee, Alex A. Kibkalo, was found guilty of theft of trade secrets in 2012. Kibkalo leaked files and codes of the Microsoft Activation Server SDK intended for internal use only of the company. He understood the surface mount resistor definition. This was a fundamental part of the company’s anti-piracy framework. Microsoft said that this posed danger as someone could try to use the files to disrupt the generation of valid key products for their Windows and Office software applications. This would compromise the security of the company. As such, Microsoft filed a case against their former employee and won the case.
Local, state, and federal law enforcement agencies all work together to fight white-collar crimes. They also coordinate with the businesses and government unit concerned regarding the detection and investigation process. They also have international partners to help solve white-collar crimes that involve international businesses. Violators are sentenced to imprisonment and are required to settle fines deemed commensurate to the crime committed. Law enforcement agencies work with businesses and government units to spread awareness about this type of crimes. Government units and businesses must know how to deter and detect white-collar crimes.
White-collar crimes stress the importance of observing business ethics. Professionals should strive to do what is right and just. They should always take care of the trust given to them by the company and government agency where we work. When they practice proper business ethics, they will not be tempted to commit white-collar crimes and in turn, their good reputation will pay off in terms of their career and self-development. This is very important to keep in mind especially when you have your own business and you are dealing with other companies. Never break their trust and always abide by the law. Do your business right so that your operations will run smoothly. Be true and honest in your transactions and success will come your way.