Financial Crime World

Financial Crimes in the United States: A Diverse Landscape of Offenses

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A recent report by the US Sentencing Commission reveals a vast array of financial crimes committed in the country. The report analyzed data from fiscal year 2017 and identified 29 specific types of economic crimes, including:

  • Financial institution fraud
  • Government benefits fraud
  • Securities and investment fraud
  • Health care fraud
  • Mortgage fraud

Key Findings

The report highlights several key findings:

Economic Crime Offenders

  • Embezzlement and theft accounted for nearly one-quarter of all economic crime offenders.
  • The median loss amount for all economic crime offenders was $131,750.

Fraud Types with High Loss Amounts

  • Securities and investment fraud: median loss of $2,105,620
  • Health care fraud: median loss exceeding $1 million
  • Mortgage fraud: median loss exceeding $1 million

Variations in Sentence Lengths

  • Average sentences for financial crime offenders varied significantly depending on the type of crime committed.
  • Securities and investment fraud offenders received the longest average sentence at 52 months.
  • False statements offenders received the shortest average sentence at five months.

Offender Characteristics

  • White offenders were overrepresented in:
    • Securities and investment fraud cases (majority)
    • Computer-related fraud cases (majority)
    • Government procurement fraud cases (majority)
  • Black offenders were overrepresented in:
    • Tax fraud cases
    • Identity theft cases
    • Credit card fraud cases

Conclusion

The report provides a comprehensive overview of the diverse landscape of financial crimes in the United States. The findings highlight the need for continued efforts to prevent and prosecute these offenses.