What Is The Definition of Embezzlement?
Embezzlement is the theft or misappropriation of funds placed in one’s trust or belonging to one’s employer. This type of fraud has long been referred to as “pink-collar crime” due to the fact that twice as many women than men are charged with embezzlement.
Many times, embezzlement can go on for years without an employer ever realizing the severity of theft that is happening in his or her own business. In worst cases, some employers are never even aware that embezzlement has happened.
Why do people embezzle money?
At times, people that embezzle are fully aware of the consequences of theft and still steal the money. They intend to mislead their employer by taking money that does not belong to them.
As an attorney, most often we find that people who embezzle are good people that get caught up in the vast amounts of money they are trusted to access on a daily basis. The temptation of money can be too great for some and can eventually lead to the gateway of theft. For instance, many have described their downward spiral into embezzlement as the ‘intent to borrow money and then replace it when they can’. Eventually, the borrowing can get to the point where they can not pay it back and soon they find themselves with stolen money and embezzlement charges against them.
What is the punishment for embezzlement in California?
As with any criminal charge, the punishment for embezzlement can vary depending on the variables of the crime and where it took place. Most often, embezzlement is a crime that involves strategic planning with the intent to cover the tracks of the offender. In order to be punished for embezzlement, the employer must prove that the defendant displayed specific intent with regards to cheating the victim out of money. According to California law, merely the intent to embezzle can be used to slam someone with criminal charges and/or jail time.
If the total amount is under $950, the law will convict you of petty theft. If more than $950 is taken, that is considered grand theft in the eyes of the courts. If the amount embezzled is substantial, defendants can even expect jailtime.
How do I defend myself against embezzlement charges?
Since intent is the main reason for proving whether someone is guilty of embezzlement, you can expect to be questioned about what exactly happened and what you were thinking during the time of suspicion.
To ensure that you get the best outcome for embezzlement charges, you will want to make sure that you have an experienced embezzlement attorney that knows the ins-and-outs of the law. An attorney can instruct you on what to say and what not to say. You’ll have someone who is knowledgeable and experienced to help guide you through the charges that have come against you.
Recent California Embezzlement Cases in the News
Kevin Lee Co, a 45-year-old Rockland resident, was charged with embezzling $4.8 million from his employer, Holt of California. Co has been found to have spent at least $1 million of the funds on the app, “Game of War” and other items such as NBA tickets. In his plea agreement, Co may have up to 20 years in prison and is required to pay back all of the embezzled money.
photo credit MoreLaw.com
Jonathan Todd Schwartz, a 48-year-old from Playa Vista, the former business manager of Alanis Morisette and other high-profile artists, pleaded guilty to embezzling millions of dollars from his famous clients. After falsifying account records, he admittedly stole the money for himself. He also admitted that he stole $4.8 million from Alanis Morisette during their time of work together. The possible penalty for Schwartz can be up to 23 years in federal prison along with hefty fines.
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