In the Federal Bureau of Investigation (FBI) Financial Crimes Report for 2010, there are eight categories discussed. Of these, seven are clearly connected to what most people would think of as financial crimes while one of them is not.
The eight categories of crimes discussed in the article are as follows:
- Corporate Fraud
- Securities and Commodities Fraud
- Health Care Fraud
- Mortgage Fraud
- Financial Institutions Fraud
- Financial Institutions Failures
- Insurance Fraud
- Mass Marketing Fraud
Of these categories, the one that is least likely to be associated with crime is Financial Institutions Failures.
To most people all of the other categories are clearly related to crimes. Anything that is labeled “fraud” is going to sound like a crime. The things that fall under the other categories are very clearly criminal. For example, the “Nigerian Letter Fraud” is one of the examples of Mass Marketing Fraud. “Staged Auto Accidents” are an example of insurance fraud. These things are clearly crimes in most people’s minds.
Bank failures, however, are not clearly criminal. The FBI’s own report admits that they are generally not criminal. It says that, in most cases,
The catalyst for the failure has been the economic climate and not criminal activity.
However, the FBI was tracking these incidents in 2010, probably because of the great concern over the stability of the banking industry in the time soon after the 2008 financial crash.