Statutory RequirementsIn this Assignment, you will demonstrate the application of criminal statutes...

Question

Statutory RequirementsIn this Assignment, you will demonstrate the application of criminal statutes to white-collar crime, corporate fraud and governmental crime by writing a 3–5 page paper (excluding cover page) responding to the following:· Choose two sophisticated crimes discussed in Units 1–3 and research your chosen crimes in further detail.Write on Investment Fraud and Insurance Fraud· Research and assess common methods or avenues of committing white-collar crime, corporate fraud, public couption, or governmental crime.·  Analyze the application of state and federal statutory requirements and case law, including accurate and complete descriptions of their basic elements and detailed practical examples.· Also, provide examples of criminal incidents and the outcomes of the court cases.Please Note: This Assignment will require outside research.Provide a minimum of two credible sources outside the text to support your positions and discuss how you evaluated the credibility of the resources used. You may consult the Liary, the internet, the textbook, other course material, and any other outside resources in supporting your task, using proper citations in APA style.The paper should contain a cover page and a list of references in APA format. All pages of text should be double-spaced and in 12 point font.

Tanmoy · Accepted Answer

Investment Fraud and Insurance Fraud
Demonstrate the application of criminal statutes to white-collar crime
Introduction
Investment or insurance frauds are both corporate frauds and are generally due to individuals or organizations undertaking dishonest and unethical means to conduct illegal activities and defraud the customers and the investors of the company (James Chen, 2021). These frauds are either conducted by the management by involving few employees of the organization or by bribing the auditors and publishing the financial reports free of any material statement. These frauds are generally challenging and extremely tricky to determine. These frauds are generally called as white collar crimes and are the management persons who get access to the confidential information of company’s sensitive assets. In this discussion we will try to analyse on the white collar corporate frauds of Wells Fargo and HCA Inc. 
Analysis
Wells Fargo in the year 2016 was fined by the Consumer Financial Protection Bureau (CFPB) with a fine of $185 million for conducting illegal activities. It was due to Wells Fargo opening more than 1.5 million checking and savings accounts without the knowledge and consent of the customers. This resulted in Securities and Exchange Commission (SEC) embanking on this issue and making the investment bank pay hundreds of millions more. For the same reason it has been faced with congressional scrutiny over the opening of the fraudulent accounts where its CEO John Stumpf was called in front of the Congress in order to testify and defend his and the conduct of Well Fargo regarding such serious accusation. On 20th September, 2016, Stumpf had to appear before the Senate banking Committee and discussed his strategies of the ways the higher management will refund the fraudulent amount to help the harmed customers. The reason for which Wells Fargo had to conduct this type of fraudulent activities was due to the fault of the higher-ups who were continuously pressurizing the existing employees of the company to achieve unattainable sales target from 2002 onwards which resulted in the fraud raised to such mountable amount in 2016. It was the motive of the management of Wells Fargo to achieve more profits due to which the employees of the company resorted to such kind of frauds by opening savings and checking accounts in the name of clients who already closed their accounts with Wells Fargo.

Statutory Requirements In this Assignment, you will demonstrate the application of criminal statutes to white-collar crime, corporate fraud and governmental crime by writing a 3–5 page paper...

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