In last week’s post, we studied the general definition of white collar crime. Today we’ll be taking a closer look at the crime of embezzlement and what makes it such an immense threat to businesses throughout the world. So, if you’re captivated by the crime that’s responsible for over $400 billion in business losses each year, you’ve come to the right place; you’re well on your way to understanding embezzlement with Catanzaro Law!
What Is Embezzlement?
The Oxford American Dictionary defines embezzlement as the “theft or misappropriation of funds placed in one’s trust or belonging to one’s employer.” This type of white collar crime is unique because the funds were actually legally placed in the person or entity’s care to begin with, only to be illegally mishandled for personal gain or underhanded motivations. This stands in contrast to other financial white collar crime, where funds were illegally acquired or stolen outright.
Paper Trails To Nowhere
A common tactic for embezzlers is the creation of seemingly legitimate receipts or enterprises that justify the spending of the funds entrusted to them. Coupled with the fact that embezzlers usually misappropriate funds in small quantities to avoid detection, these phony paper trails and fake accounts can make it nearly impossible to detect embezzlement until the damage has been done. Companies often don’t notice that embezzled funds are missing until they need to make large withdrawals or assess their overall financial positions, only to realize that the sum total of negligible syphonings has financially crippled them.
Conviction and Sentencing for Embezzlement
As we discussed last week, white collar crimes aren’t taken lightly just because of their nonviolent nature. Embezzlement is no different, and can result in anything from total financial restitution and severe fines to jail time. Fines and jail time for embezzlement depend on the amount of money embezzled, and can range from $2500 in fines and a year in prison to vast sums of money and decades of incarceration.
Get The Defense You Need!
Mark Catanzaro is experienced in the defense of white collar crime. Embezzlement is a serious offense that can have life-altering consequences, so legal help is essential in defending innocence and reducing the severity of sentencing. If you or someone you know has been accused of embezzlement, Catanzaro law is your best hope for a brighter future.