Assignment 10

Costs Associated with White Collar Crimes Author’s Name The Institutional Affiliation Course Number and Name Instructor Name Assignment Due Date Introduction Based on its nature, white-collar crime refers to the illegal acts of people belonging to higher social strata involving deceit or concealment to gain monetary benefits by gaining financial advantage or avoiding losing money or property. The most worrisome aspect of white-collar crimes is that they escape public attention unless some extraordinary event draws their attention toward the underhand dealing of this socially respectable faction of society (Ragatz et al., 2012). Based on the history of famous white-collar crimes, one may identify their impact and the associated costs in at least three significant domains of life: environment, economy, and social fabric (Rosoff et al., 2019). At the environmental level, examples exist wherein industrialists have deliberately bypassed rules for financial gains and caused significant loss to the environment and human life. Likewise, at the economic level, white-collar crimes are responsible for draining a huge amount of money from the pockets of the public and government (Rosoff et al., 2019). At the social level, the cost of crimes committed by the socially superior faction creates a consistent feeling of social resentment, uncertainty, and mistrust among laymen (Rosoff et al., 2019). While sensing the extent and multiple effects of white-collar crimes, this discussion intends to provide real-life examples from the computer and healthcare sectors to explain the cost of these crimes related to the three domains of life. Healthcare Frauds and the Associated Costs One of the most highlighted areas of concern related to the cost of corporate or white-collar crimes is their impact on the living environment or human lives. In this regard, one may come across several real-life examples from the healthcare sector that expound on how malpractices such as overbilling, prescription medicine abuse, and others create a significant psychological and physiological impact on humans (Mulgrew, 2022). For instance, unnecessary billing through unrequired medical services is an example of healthcare fraud, highlighting the psychological and economic impact of white-collar crimes on humans (Mulgrew, 2022). To understand this example, one may refer to a real-life case study wherein a healthcare practitioner named Armando Valdes made false claims about administering a prescription drug named Infliximab to his patients. He got approximately 38 million U.S. dollars through this claim through healthcare fraud (Mulgrew, 2022). This healthcare fraud caused significant financial loss to the government as a single dose of this medicine costs approximately 10,000 dollars (Mulgrew, 2022). Moreover, at the social level, exposure to this healthcare fraud added to people’s suspi...