White Collar Crime Related Journal Review
Posted by Melda Research on February 4th, 2019
Dr. Richard T. Callery headed the Delaware state Office of the Chief Medical Examiner for twenty years. However, during his tenure as the chief medical officer Callery misappropriated several state resources including employees and state equipment for personal gain. The investigations indicated that the state office came second to his private practice. Prior to these charges Delaware spent .6 million on the transit of drug evidence at an out-of-state lab. Nonetheless, the state lacked solid evidence that would incriminate Callery on charges related to jeopardizing of homicidal cases. Callery’s actions of translating pathological postmortems to outside forensic experts to review his work and testify to the finding affected several homicide cases. Callery pleaded guilty to most of the charges and attributed his failure as the chief medical examiner to lack of gravity and thought into his actions. The court sentenced Callery to a year probation and a fine of 0,000 for using state workers and equipment to run his private consulting business. Callery also lost his 8,500-a-year state job and the credibility of his medical license. However, he evaded incarceration.
Without a doubt Callery’s actions are fraudulent; however, the behavior that strikes the most as a white collar crime is prioritizing his medical practice over the state office duties. Callery failed to segregate his personal and professional business properly. Callery defrauded Delaware State of its funds by receiving pay for services he chose to sideline to increase his personal gains from medical services. Furthermore, he received a good retirement package for poorly taking charge of the responsibilities allocated to him by the state. More importantly, the penalties issued by the court were lenient considering the implications of Callery’s actions. The court should have imprisoned Callery for two years as a repercussion for misappropriating state resources. A fine of 0,000 and probation for one year seem shallow considering his actions were worth a second-degree felony.
Weigel, S., (September 17, 2015) .8M embezzled from HOA: After two-year investigation, former Woodlake manager charged, booked for theft; pleads not guilty. Retrieved from http://www.smdailyjournal.com/articles/lnews/2015-09-17/28m-embezzled-from-hoa-after-two-year-investigation-former-woodlake-manager-charged-booked-for-theft-pleads-not-guilty/1776425150295.html
Delaware State booked Woodlake Homeowners Association former manager Susan Marie Lambert, a 64-year-old Fremont resident for allegedly embezzling nearly .8 million from the San Mateo residents’ group. She had worked for the company that performed several construction services in Delaware for some time. Lambert’s alleged crimes came to the surface when the 990-unit condominium association fired her and uncovered numerous (150) false invoices for construction work. A review of the construction work indicates that the company did not complete the construction work. Lambert and her aid (Medeiros) conspired together while they had influential positions in the company with Lambert in charge of the association’s finances and Medeiros owning a painting company. Lambert would create invoices for work the association did not do and use them to pay Medeiros. Medeiros would then deposit the amount in his account, and they would split the money afterward. Witnesses indicate that Lambert initiated a board policy aimed at preventing members from speaking with vendors or contractors. The San Mateo County District Attorney’s Office in Delaware charged Lambert with two felonies for conspiring to defraud the homeowners.
The case is a genuine example of a white collar crime committed by high ranking individuals with the intent of financial gain. Lambert and Medeiros’s actions explicitly aimed at increasing their financial status. They used deceitful schemes to cloud the judgment of Woodlake Homeowners Association’s board and other onlookers and pilfer money from the association. The sanctions passed on the two were good but not enough. The court should freeze their accounts and seize their belongings pending investigation. The court should carry out further investigation to decipher the exact date they started laundering money from the association after which it will freeze any asset acquired by the two as of that date. The charges set by the prosecutor’s office are good enough to hand them at least a six-year jail term. People holding high positions in organizations have unlimited power making decisions and performing their activities. The iron rule of corporate social responsibility states that if these individuals do not control their power others will do it for them.
Milford, M., (August 9, 2015). Wilmington Trust indictment unique in financial world.
Delaware’s banking history received a hefty blow after the discovery of Wilmington Trust fund fraud. The Wilmington Trust President Robert V.A. Harra Jr. and former Chief Financial Officer David R. Gibson were in the public’s eye as the primordial suspects in the incident. A report on the incident indicates that the amount lost was small, but the level of executives involved was high in comparison with major banks. The court accuses the former executives of making false statements to federal agencies and the investing public. They hid the true condition of the bank’s loan portfolio during the banking crisis through a practice of waiving past-due loans. The United States Treasury invested 0 million in Wilmington Trust in TARP to help the company recuperate from a potential collapse after making loans in Kent and Sussex counties. Wilmington Trust was the largest full-service retail-commercial bank in Delaware in terms of deposits. Therefore, the case implicates any of the prosecutions involving institutions that received money under TARP. Delaware County Courts have charged Harra Jr and Gibson alongside other executives former Chief Credit Officer William B. North and former Controller Kevyn N. Rakowski with three counts of felony. These accounts include purchase and sale of securities; conspiracy to defraud the United States; and with producing inaccurate reports to regulators. Furthermore, the court has indicted Harris and Gibson with making false statements to disrupt investigations. Gibson has an additional charge falsifying certification of financial reports.
Harra, Gibson and other Delaware bank executives responsible for the Willington Trust saga should get incarcerated for their actions. Banks evaded of the banking crisis by paying hefty fines. The former executives of these banks including the Willington trust took advantage of the occupational and economic power to facilitate corporate gain. The executives acted in a fraudulent manner aiming their intentions at the government. They used the government as a scapegoat to obtain a monetary boost for their actions. The courts show dexterity in handling the matter by passing a worthy judgment to Harra, Gibson, and other related executives. These individuals committed tax violation and perjury to cloud the government’s judgment of the current situation in the bank to obtain extra funds.
Reference
Milford, M., (August 9, 2015). Wilmington Trust indictment unique in financial world.
Weigel, S., (September 17, 2015) .8M embezzled from HOA: After two-year investigation, former Woodlake manager charged, booked for theft; pleads not guilty.
Parra, E., (October 2, 2015). Ex-chief medical examiner gets probation.
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