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Whistleblowers as information sources

Convenience in White-Collar Crime

Petter Gottschalk

Whistleblowers attempt to disclose information about what they perceive as illegal, immoral, or illegitimate practices. Fraud investigators reconstruct the past after suspicions of misconduct and financial crime. Whistleblowers are an important source of information for many fraud investigators. In this chapter, characteristics of whistleblowers and their trustworthiness as information sources and the quality of pieces of information are discussed.

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Janet Austin

This chapter surveys the changes that have taken place in securities markets and in relation to securities market trading over the last two decades and the risks to market integrity inherent in these changes. It considers why these changes occurred and how they may have impacted upon opportunities to engage in insider trading and market manipulation. It also considers the challenges these changes have caused for securities regulators in terms of the detection, investigation and prosecution of market manipulation and insider trading which crosses borders. Finally, this chapter examines the regulatory responses of specific governments to the changes and how these new laws may deter insider trading and market manipulation as well as assist regulators in their efforts to detect, investigate and prosecute these offences.

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Testing convenience theory

Convenience in White-Collar Crime

Petter Gottschalk

This chapter tests convenience theory by studies of autobiographies. We were able to find a variety of statements produced by offenders that illustrate application of neutralization techniques in the behavioral dimension of convenience theory. Convenience theory is also tested in student elicitations, where students’ average responses indicate that issues in convenience theory are more important to determine white-collar crime than issues in society. The five most important issues are all convenience items.

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Student survey on convenience theory

Convenience in White-Collar Crime

Petter Gottschalk

To study convenience theory empirically, this chapter presents a student elicitation on white-collar crime. Student elicitation is derived from expert elicitation, where experts are asked to say something about the unknown. Expert elicitation seeks to make explicit and utilizable knowledge and attitudes in the heads of experts. Expert elicitation seeks to make explicit and utilizable the unpublished knowledge and wisdom in the heads of experts, based on their accumulated experience as well as their interpretation and reflection in a given context. Elicitation is defined as collecting information from people as part of human intelligence. An elicitation technique or elicitation procedure is applied to collect and gather information from people. Expert elicitation is defined as the synthesis of opinions of experts on a subject where there is uncertainty due to insufficient data.

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Sample of US investigation reports

Convenience in White-Collar Crime

Petter Gottschalk

Many internal investigation reports are kept secret. Reports are the property of clients who often do not want to damage their reputation or leak business secrets. In 2015, it was possible to identify and obtain a total of 13 publicly available investigation reports. These 13 investigations are presented in this chapter.

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The role of IOSCO going forward

Investigating and Prosecuting Across Borders

Janet Austin

This chapter reflects upon how IOSCO might further build upon the success of its Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU) as well as potential challenges that may arise with respect to the MMoU moving forward. This chapter also considers IOSCO’s new Enhanced Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (EMMoU). In addition, this chapter suggests other ways in which IOSCO might further assist in coordinating the activities of securities regulators in terms of tackling cross-border insider trading and market manipulation by way of specific policies and/or systems that could be developed. It also considers whether such systems could be utilized by IOSCO as a lever to work towards the convergence of securities regulation around the world.

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Organizational Opportunity and Deviant Behavior

Convenience in White-Collar Crime

Petter Gottschalk

Ever since Sutherland coined the term ‘white-collar crime’, researchers have struggled to understand and explain why some individuals abuse their privileged positions of trust and commit financial crime. This book makes a novel contribution to the development of convenience theory as a framework to understand and explain ‘white-collar crime’.
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Organizational dimension of convenience theory

Convenience in White-Collar Crime

Petter Gottschalk

The organizational dimension sets white-collar criminals apart from other financial criminals. Abusing social security benefits, committing tax evasion, or committing Internet fraud on a personal level is not considered white-collar crime. White-collar crime is defined as financial crime committed in a professional capability in an organizational context. While possibilities in the economical dimension are concerned with convenient abilities for the achievement of goals (avoid threats and gain benefits such as real estate and foreign establishment), opportunities in the organizational dimension revolve around how crime can be committed conveniently. The economical dimension answers the why, while the organizational dimension answers the how of white-collar crime. We distinguish between the economic ability to realize wishes, meet needs, and fulfill desires, and professional opportunity to implement white-collar crime in connection with regular business activities.

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Janet Austin

This chapter closely examines the International Organization of Securities Commissions (IOSCO) including its history, structure, membership and how it has evolved to a positon of prominence as a global network of securities regulators. The other focus of the chapter is IOSCO’s Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information (MMoU). It outlines how and why the MMoU was formulated, its terms and conditions and how it is being utilized by securities regulators during their investigations. This chapter also considers how the MMoU is being utilized by IOSCO in its efforts to move towards global convergence of securities regulation.

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Janet Austin

This chapter concisely sets out the enforcement powers of the principal securities regulators of Canada, United Kingdom, United States, Australia and Germany. From interviews by the author and material published by those regulators, it then examines how the transformation of the markets have altered the nature of cross-border insider trading and market manipulation, including the types of offences that are now proliferating. The chapter also details the way in which regulators detect, investigate and prosecute insider trading and market manipulation, how they are working with their counterparts in other countries in relation to this issue, and examines some of the challenges faced by them in this regard. Some strategies are suggested which might be adopted to further improve the detection, investigation and prosecution of cross-border insider trading and market manipulation.