"Jack L Clark's Nursing Home Construction Company was founded guilty of a gigantic stock fraud that bilked shareholders of $200 million. $10 million of this swindled money allegedly went for Clark's personal use, and prosecutors accused him of hiding another $4 million as well. Clark apologized to the court, pleaded guilty to one count (out of sixty-five), and was sentenced to one year in prison, eligible for parole after four months, with no fine" (from Eitzen, 1986:427). "C. Arnolt Smith, Chairman of U.S. National Bank, entered a plea of no contest to charges of conspiracy, misapplication of bank funds, filing false statements, and making false entries in his bank books. His case involved one of the largest swindles in American history (some estimates are as high as $250 million). His penalty for this crime was a $30,000 fine, to be paid at the rate of $100 a month over twenty-five years -- with no interest" (Eitzen, 1986:427). Why Don't White-Collar Criminals Go To Jail?
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theft, white-collar criminals, Eitzen, Jack L Clark