Economy down, crime up? That could be the case, according to a new study published by the National White-Collar Crime Center that takes a look at 16 years worth of data.
As reported in the Birmingham Business Journal, fraud and embezzlement increased during and in the period just after the country’s last two recessions. From the piece:
In 2001, arrests for those crimes increased 35 percent. After a major recession between 1990-1991, arrests for fraud and embezzlement rose 47.5 percent.
America isn’t the only country at risk. In the United Kingdom and South Africa, authorities are gearing up to for an increase in white-collar crime. And Switzerland reported more than $860 million was taken last year in corporate criminal scams.
All of this comes in the wake of the release of the full list of victims of the Bernard Madoff ponzi scheme. Madoff’s investment scheme may have taken $50 billion from its victims, which include movie stars, professional athletes and politicians.
Learn more about white-collar crime.