NCJ Number
150232
Journal
Justice Quarterly Volume: 11 Issue: 1 Dated: (March 1994) Pages: 75-98
Date Published
1994
Length
24 pages
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