The criminalization of the financial services industry through deregulation and decreased enforcement.

摘要

During the past decade, the United States (U.S.) government endorsed substantial deregulation within the banking and related financial services industry. As a result the U.S. government routinely assesses large monetary penalties against financial institutions for noncompliance and violations of the law. The government seldom investigates or prosecutes any executives or officers who defraud the institutions for competitive advantage and personal gain. This study concluded that deregulation, decreased enforcement, government "bailouts" of financial institutions labeled as "too big to fail," and various related factors were instrumental to the escalation of financial crimes within the financial services industry. The expected profits and gains to the executives perpetrating fraudulent conduct and money laundering activities far outweigh any potential risks associated with such conduct. Extensive research was directed toward the psychology of the human element in relation to the commission of fraud and financial crimes, the concept of financial institutions being protected from insolvency, the effects of increased deregulation, the decreased enforcement of statutes and regulatory controls, and the resulting impact of ineffective deterrence measures. The social and economic impact resulting from such deregulation and decreased enforcement is emphasized. This study concludes with multiple findings and recommendations with an emphasis on the critical need for aggressive enforcement of the law and regulations that hold all individuals accountable for unethical or illegal conduct. Anything less has proven to result in an acceptance of the criminalization of the financial services industry.;Keywords: Economic Crime Management, Dr. Shannon L. Johnson, deregulation, enforcement, deterrence, criminogenic, rule of law.