A Brief Note On Notorious Cases And Implications - 2065 Words

IV. Notorious Cases and Implications a) Belfort case The leniency in sentencing can be shown by examining a few larger publicized cases of white-collar crime. One of the most iconic examples of white-collar crime is Jordan Belfort. Belfort started a business in the 80 s called Stratton Oakmont that was a â€Å"Long Island penny-stock boiler room he ran. However, Belfort’s business was not making its money legally. It turns out that they laundered money and manipulated stock prices. In 2003, Belfort pled guilty to money laundering and securities fraud. The government has claimed that he defrauded people out of more than $200 million. However, he only received a four-year sentence, of which he served 22 months. For the amount of damage that Belfort inflicted, it seems unjust that he received such a short sentence. Belfort stole $200 million from people, yet, he only spent about a month in jail for every $10 million he stole. Public perception would interpret his sentencing as indicative of a problem with leniency in white-col lar crime sentencing. However, there were extenuating circumstances. Jordan Belfort made a plea bargain with the FBI. Plea bargains are â€Å"agreements between defendants and prosecutors where defendants agree to plead guilty to some or all of the charges against them in exchange for concessions from the prosecutors[†¦] some plea bargains require defendants to do more than simply plead guilty.† Jordan Belfort received such a light sentence because heShow MoreRelatedA Literary Convention Expended by Junot Diaz Essay1651 Words   |  7 PagesAnalyzing a symbol as a literary convention used by author, Junot Dà ­az makes a way to identify the purpose of the device. In his novel, The Brief Wondrous Life of Oscar Wao (2007), the mechanism is used to develop an explicit character and point of view. The symbol is a sensory image that holds rich implication that is either a narrow or broad. 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