Why more durable penalties are lengthy overdue

Well-known white collar crimes that made headlines internationally

Among the most excessive profile tales during the last decade contain each people and firms engaged in extraordinarily misleading practices. from Bernie Madoff’s notorious ponzi scheme to the downfall of Enron, we aren’t any strangers to the gross misconduct and abuse of energy. Even in our personal yard, Alan Bond heralded a brand new sort of prison. Labeled because the “greatest fraudster in Australian historical past”, Mr Bond attained his huge fortune, via a “secretive net of shelf corporations and trusts”.

White collar criminals assist solidify the notion that the wealthy are getting richer and the poor are getting poorer. It is merely dangerous for society at giant and but for too lengthy, these fraudulent practices haven’t felt the load of the legislation. It is extremely comprehensible that people and firms in positions of energy must be held accountable for his or her crimes.

Why have been more durable penalties being looked for Australian perpetrators?

Australian Securities and Investments Fee (ASIC) Chairman, Mr Greg Medcraft instructed that “Australia was a ‘paradise’ for white-collar criminals“. He argued that jail time would act as an incredible deterrent and said that penalties have been “not robust sufficient, not powerful sufficient”. In a Q&A in 2014, he informed a enterprise viewers that presently “all you are doing is giving them a slap on the wrist [and] that isn’t deterring folks”.