Embezzlement is a type of theft. It is a white collar crime in which someone is essentially being accused of stealing from the company they work for. This charge is often leveled against executives, such as a chief financial officer, but any employee could technically be accused of theft from the business.
The big difference with most embezzlement charges, however, is that they focus on the misappropriation of assets that the company owns. This makes the offense a bit different from other types of direct theft.
Misusing the funds
Misappropriation means that the individual in question used the funds in a way that was not intended. They breached their fiduciary duty to the business. They took steps that were focused on personal gain but were not authorized.
For instance, the financial officer at a company may be granted access to the company’s bank accounts so that they can make key transfers, payments and other financial decisions. If an outside party gained access to that bank account and took the money, it would be a form of theft because that person was never authorized to access the funds in the first place.
For the financial officer, access is not the issue. The trouble comes when they use the money in a way that was not intended, such as transferring it into a personal bank account or using the money to buy personal assets. Simply showing that the person accessed the accounts does not necessarily prove any wrongdoing. The prosecution would have to take another step and show that the individual misappropriated those funds after gaining access.
If you are facing charges for embezzlement or other white collar crimes, they can have a major impact on your future and your career. Be sure you know what legal defense options you have.
