The media makes a big deal about white collar crime on Wall Street, with backroom deals and embezzlement seemingly around every corner, but Crenshaw Blvd. isn't all that different from Wall Street when it comes to white collar crimes. Fraud, embezzlement, theft and other such crimes have ruined the reputation and record of numerous officials and individuals in L.A.For example:Martin Ludlow, now a volunteer at Dorsey High, pled guilty to fraud when he was charged with using union workers and union money in his city council campaign.Numerous officials of mortgage firms have been arrested on charges of fraud which are tied to the current real estate crisis in America, much of which is focused in Southern California where the real estate economy fell the hardest.A number of city council and local government officials have been accused of fraud and theft in the last few years, which as affected the outcome of numerous elections.White collar crime is defined as a crime committed by a person of respectability and high social status in the course of his occupation. These crimes can harm a community, especially when the individual guilty of the crime is a respected member of his community. The crimes usual are fraud, insider trading or theft of funds. The penalties for white collar crimes include jail time, fines, and probation, as well as loss of respect and most likely losing one's job in the process. Tagged as: theft, white collar crime fraud theft laws