Some employees, including executives, are put into positions that require fiduciary responsibility. These positions of trust often come with handling considerable assets, including large sums of money. There are instances in which an individual might be accused of taking that money illegally for their own gain. This is known as embezzlement.
Embezzlement can involve taking various types of property, including real estate, electronics, vehicles, cash or anything else. There are a variety of methods that people use to embezzle from another party, including creating fake payroll or vendor accounts to pay money to, but the money ultimately ends up in the embezzler’s bank account.
Elements necessary for an embezzlement charge
There are typically four primary elements present for embezzlement to occur. These must all be present if a person is going to be convicted of this crime.
- The person had a fiduciary responsibility to the other party.
- The person got the property through the fiduciary relationship.
- The person took the items intentionally.
- The person transferred the property, hid the property, destroyed the property, or took ownership of the property.
In some cases, embezzlement is due to a misuse of funds, which means that the person used the funds outside of what was authorized. It’s possible for a person to embezzle money by borrowing it for personal use. They could still face charges if it’s found out they did that, even if they had paid the money back.
Federal or state charges are possible
Embezzlement charges can come from either federal or state prosecutors, depending on the circumstances of the crime. A person who’s working for a bank and embezzling funds will likely face federal charges because banks are federally regulated. Regardless of the type of charge a person is facing, they must take the matter seriously.
Anyone who’s facing a charge for embezzlement must remember that these are often complex cases. Being able to start working on your defense strategy right away is important. Working with someone who can help you sort through the documentation and determine how to move forward is beneficial.