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NCJ Number: 150232 Find in a Library
Title: Long-Term Consequences of Victimization by White-Collar Crime
Journal: Justice Quarterly  Volume:11  Issue:1  Dated:(March 1994)  Pages:75-98
Author(s): N Shover; G L Fox; M Mills
Date Published: 1994
Page Count: 24
Sponsoring Agency: Institute of Social Science Research
Tempe, AZ 85287
University of Tennessee
Knoxville, TN 37996
Type: Research (Applied/Empirical)
Format: Article
Language: English
Country: United States of America
Annotation: To examine the effect that white collar crime has on its victims, researchers conducted interviews with 45 investors and two close relatives of now-infirm or deceased investors of the Southland Industrial Banking Corporation (SIBC), a financial institution that failed largely due to the criminal activities of its officers and employees.
Abstract: Topics covered in the interview included the history and extent of respondents' investments in SIBC, their reactions upon hearing it had filed for bankruptcy protection, the effects of victimization and financial loss in their personal lives, and the impact of the experience on their confidence in prevailing economic and financial institutions. The results showed that 20 of the victims, who had each invested less than $5,000 and eventually received full return of their funds, suffered various degrees of inconvenience by the collapse of SIBC. They either had been unaware of or had forgotten details of the reorganization plan. Nineteen of the respondents lost substantial amounts of money during the reorganization process and harbored feelings of bitterness and anger even 10 years later. A small proportion of victims, who resisted the financial settlement offered by the bankruptcy court, were devastated by their experiences, and several became severely depressed. Their feelings of anger and resentment were intensified by their belief in the injustice of their situation. These findings mirror those of studies of victims of personal violence. 46 references
Main Term(s): Victims of Crime
Index Term(s): Criminology; Financial management; Psychological victimization effects; White collar crime
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