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If you have no money to begin with, you're probably in no position to commit a real financial crime. "Poor people financial crimes" are still crimes involving some level of physical violence (breaking into a house, picking someone's pocket, etc).

If you do have money to begin with, taking it all away and imposing fines/wage garnishment as penalties are a major deterrent.

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"Rich people financial crimes" involve an aspect of violence too, or at least can have the same impact as violence. When Bernie Madoff screws someone out of their savings, and that person then can't pay their insurance/medical bills, I would say that fits under a broad definition of violence.

For someone with Madoff's connections, it wouldn't be hard to acquire a false identity and resume some kind of low-level fraud. Putting him in prison is the best way to protect the public IMO.

I personally think that prison sentences are just as valid for non-violent crime as violent crime anyway. It's a disincentive, it's aptly punitive in cases such as Madoff's, and it makes it harder for the offender to re-offend.

You should watch CNBC's American Greed. Highlights numerous white collar financial crimes from pyramid schemas to embezzlement. Most people I found came from low wage jobs into multi-millionaires.

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