Embezzlement Lawyer Virginia Maryland
What is embezzlement?
In most states, embezzlement is defined as theft of assets (money or property) and the person usually involved is a person on whom the responsibility is imposed. Embezzlement usually occurs in employment and corporate situations. Misappropriation of accounting, a common form of crime, is the manipulation of accounting records to conceal the theft of funds. The criminals obtain legal possession of the property and are then charged with transferring the property to their personal use.
By different scenarios, Embezzlement, also known as employee theft is an act of unlawful seizure of funds entrusted to your care but owned by another person. The most common embezzlement is by employees, but others can also be charged with embezzlement. Embezzlement is a specific type of fraud, which is known as “knowing of the truth or concealing a physical truth to induce others to act on its account.”
What are embezzlement factors?
In the view of charging embezzlement, there must be four factors that need to get approved. There must be a good relationship between the parties; that is, there must be a trust relationship, a given responsibility (money or property, for example), and a trust of depending on the other. The criminal must have acquired the property through the relationship, not in another way. This is sometimes difficult to prove, especially in case of funds from a bar, for example. The defaulter must have taken ownership of the property or transferred the property to another person (called the transfer).
What are the penalties for embezzlement?
Penalties depend on the amount which is being stolen. If convicted, the defaulter may receive a fine and may be asked to pay back. In some cases, a prison sentence is also imposed.
What are some examples of embezzlement?
Examples of embezzlement include the bank teller who deposits, the owner of accounts that takes refunds from customers to himself, the lawyer who uses the money in the account for herself, the clerk who does not deposit the correct amount of labor tax, Embezzlement seems to be common in the recycling industry. Rick Leblanc, a recycling expert, writes a case where a staff member is misled by overpayment of a scrap metal complex for scrap metal (and apparently, sharing in illegal gains).
Employees in retail companies usually have a walk with goods. This is the theft of employees; it’s called “shrinkage” in the industry. Another common retail employee theft is gift cards. Easy to put in your pocket and walk with. Of course, computer fraud by employees has many aspects, many of which involve the fraudulent transfer of funds by the employee.
How do businesses protect themselves from embezzlement?
To start your work on protecting your business, you must pay attention to two factors involved in embezzlement: Focus on employees who have secretariat responsibilities, such as those in your department, accounts receivable, accounts payable, and those who reconcile bank statements. These are the people most likely to embezzlement. Focus on cash transactions. All cash transactions are required to be recorded, as far as possible.