A form of white-collar crime, skimming is taking cash "off the top" of the daily receipts of a business (or from any cash transaction involving a third interested party) and officially reporting a lower total. The formal legal term is defalcation.
Examplesedit
A skimming crime may be simple tax evasion: the owner of a business may fail to "ring up" a transaction and pocket the cash, thus converting a customer's payment directly to the owner's personal use without accounting for the profit, thereby the owner avoids paying either business or personal income taxes on it. A famous example of this crime occurred at Studio 54discotheque,[1] which was forced to close as a result.
Skimming may additionally be the direct theft of cash; in addition to hiding it from tax authorities, the perpetrator hides the taking from an employer (embezzlement), business partners, or shareholders. A large-scale allegation of this kind has been levelled at Satyam Computer Services concerning the billion dollars missing from the company's coffers.[2]
Skimming may be necessitated by a third crime; for example, an otherwise honest businessman who pays taxes and does not cheat his partners might still be forced to skim some cash from the business and use it to give to an extortionist in the form of a bribe, kickbacks, or payment to a protection racket or loan shark or even a blackmailer.
Skimming at casinos is associated with the funding of organized crime. In May 1963, the FBI turned over to the Justice Department a two-volume document called The Skimming Report which detailed the skimming of gambling profits by Las Vegascasinos to avoid taxes.[3] The report documented how pre-tax profits from casinos were being routed to various organized crime syndicates across the nation. No one could be prosecuted as the FBI obtained its information by illegally bugging casino money rooms. Casino skimming during the 1970s and 1980s is featured in Nicholas Pileggi's nonfiction book Casino: Love and Honor in Las Vegas and in the film Casino, which is based on it.
^Navasky, Victor (1971). Kennedy Justice. Atheneum. p. 89. ISBN978-1111648763.
^Sachs, Susan (29 February 2004). "Hussein's Regime Skimmed Billions From Aid Program" – via NYTimes.com.
January 01, 1970
skimming, fraud, this, article, about, cash, skimming, credit, card, skimming, credit, card, fraud, skimming, other, uses, skim, disambiguation, form, white, collar, crime, skimming, taking, cash, daily, receipts, business, from, cash, transaction, involving, . This article is about cash skimming For credit card skimming see Credit card fraud Skimming For other uses see Skim disambiguation A form of white collar crime skimming is taking cash off the top of the daily receipts of a business or from any cash transaction involving a third interested party and officially reporting a lower total The formal legal term is defalcation Examples editA skimming crime may be simple tax evasion the owner of a business may fail to ring up a transaction and pocket the cash thus converting a customer s payment directly to the owner s personal use without accounting for the profit thereby the owner avoids paying either business or personal income taxes on it A famous example of this crime occurred at Studio 54 discotheque 1 which was forced to close as a result Skimming may additionally be the direct theft of cash in addition to hiding it from tax authorities the perpetrator hides the taking from an employer embezzlement business partners or shareholders A large scale allegation of this kind has been levelled at Satyam Computer Services concerning the billion dollars missing from the company s coffers 2 Skimming may be necessitated by a third crime for example an otherwise honest businessman who pays taxes and does not cheat his partners might still be forced to skim some cash from the business and use it to give to an extortionist in the form of a bribe kickbacks or payment to a protection racket or loan shark or even a blackmailer Skimming at casinos is associated with the funding of organized crime In May 1963 the FBI turned over to the Justice Department a two volume document called The Skimming Report which detailed the skimming of gambling profits by Las Vegas casinos to avoid taxes 3 The report documented how pre tax profits from casinos were being routed to various organized crime syndicates across the nation No one could be prosecuted as the FBI obtained its information by illegally bugging casino money rooms Casino skimming during the 1970s and 1980s is featured in Nicholas Pileggi s nonfiction book Casino Love and Honor in Las Vegas and in the film Casino which is based on it Other related usages can include things such as corrupt government officials skimming cash received as foreign aid 4 References edit THE CITY Two of Studio 54 Get Reduced Terms Breaking News World News amp Multimedia Navasky Victor 1971 Kennedy Justice Atheneum p 89 ISBN 978 1111648763 Sachs Susan 29 February 2004 Hussein s Regime Skimmed Billions From Aid Program via NYTimes com Retrieved from https en wikipedia org w index php title Skimming fraud amp oldid 1162358131, wikipedia, wiki, book, books, library,
