Discuss the key elements of identifying white-collar crimes.

Discuss the key elements of identifying white-collar crimes. Next, determine at least two (2) federal criminal statutes that government agencies commonly use to convict white-collar criminals, and specify the main reasons why government agencies commonly use the statutes in question. Justify your response.Define the key difference between the crime of bribery and the crime of extortion, based on the federal bribery and extortion statutes. Next, specify the necessity of defining the difference that you have defined. Justify your responseRESPOND TO THE FOLLOWING:White collar crime refers to the offenses that are designed to produce financialgain using one form of deception. This particular type of crime is committed bythose people in the business world who as a result of their job position areable to gain access to large amounts of others people money. The most commonwhite collar crimes and various types of fraud, embezzlement, tax evasion andmoney laundering. White collar crimes can be prosecuted at the state or federallevel, depending on whether a state or federal law was broken. And if convicted,these crimes usually result in jail time, large fines and restitution to thevictims. Back in 1989 a number of people targeted Wall Street and billionaireinvestment banker Michael Milken whom were involved in white collar crime,embezzlement. Federal prosecutor had used the criminal RICO statutes toprosecute them in business and finance. RICO is the Racketeer Influenced andCorrupt Organization Act; a United States federal law that provides for extendedcriminal penalties and a civil cause of action for acts performed as part of anongoing criminal organization. I think this type of punishment is used becauseof the severity and large amounts of money thats involved.