Embezzlement is generally defined as the act of dishonestly appropriating or concealing assets, usually financial in nature by the person or persons entrusted to handling the assets. This type of offense is considered a "white collar" crime, meaning that it is non-violent in nature and due to the fact that embezzlement most often occurs in a business or corporate environment.
If convicted, the individual will be subject to sentencing, but can also face civil cases that allow the victim of the crime to sue for restitution. Embezzlement in the United States is a statutory crime. That means that the punishments laid out can vary depending upon the statutes in the area. It is important to be aware of your state's penal code as it applies to embezzlement if you are in a position of high financial responsibility so that you have enough education on the subject to avoid accusations, if possible.
How embezzlement differs from larceny is based in how the assets are used. In many cases, the person charged with embezzlement had legal control over the assets in question, but was misusing them (i.e., for their own personal use or other similar circumstances). In a larceny case, the accused usually has taken property from another individual without their express consent. The embezzler is often a trusted member of a business or corporation with a high level of financial responsibility within the organization.
If you have been convicted of embezzlement, the punishment that you will face ranges widely based upon the facts of the case. You could face up to 30 years in prison if you are convicted of a severe offense. Other lesser offenses could result in more lenient sentences. The value of the property or assets embezzled is, of course, the primary factor in determining the sentencing on an embezzlement case.
When prosecuting someone for such an offense, there are several elements that the prosecuting attorney must prove beyond reasonable doubt to be true. The accused individual and the victim must have a fiduciary relationship that allowed for the accused to have access to the assets or property in question. There are other factors as well that are taken into consideration.
If you have been convicted of embezzling money, it can be very difficult to gain the trust of an employer who is aware of your conviction. A high-ranking individual within a corporation can find his or her career greatly jeopardized if he or she has been charged with embezzling any property or any amount of money.
Large cases involving embezzlement can involve decades of financial documents and can take years to compile. Due to the fact that the very definition of this activity indicates concealment, it can often take quite some time to establish that funds were being misappropriated. Depending upon the methods used by the company, the process of establishing an embezzlement accusation can also require extensive background work, especially if the company dealt in cash for many transactions.
One of the most well-known examples of embezzlement is the 2008 Madoff investment scandal of in which $65 million was covertly stolen from private and corporate investors in a Ponzi scheme. Most cases don't involve dollar amounts in the billions, but the example set by Bernard Madoff. After all was said and done, Madoff was sentenced to 150 years in prison and was ordered to repay $170 billion. This case in particular struck a chord with Americans, even bringing the United States Securities and Exchange Commission (SEC) under the microscope due to the fact that it took so long to uncover the crimes Madoff had committed.
