To understand embezzlement, you first have to understand what a white collar crime is. These crimes refer to any offenses that are designed for financial gain through deception – basically, a gain for the criminal and a loss for the victim. Many of the people who commit white collar crimes have the assets to gain access to large amounts of other people’s money by scamming them or other means. You may even find that some of the biggest names in white collar crimes hold respectable positions in the community. Many of these crimes are investigated and prosecuted by the federal authorities. The U.S. District Attorney’s offices have the means to pursue these wrongdoers, put them behind bars, and get back the money that has been stolen. Many people who commit these crimes will see many years behind bars; in fact, they may even be in prison as long or longer than those who have been thrown in prison for violent offenses.
The Case of Robert Vesco
Throughout the 70s, a name came to light known as “Robert Vesco.” He was a prominent figure throughout the 1970s for many embezzlement cases. He was accused by the Securities and Exchange Commission of embezzling approximately $224 million over what would be known as a decently short amount of time. When he was supposed to stand trial in the United States, Robert disappeared. The CIA ended up finding out that he was in Havana, Cuba, and could not be extradited to the country. He was also accused of making illegal donations of more than $200,000 to Richard Nixon’s reelection campaign in 1973.
So, now that you understand white collar crimes and what happens when you are found to be embezzling, you may ask: What is embezzlement? What more can I know about this crime?
Embezzlement is theft by a person who has responsibility over large amounts of assets. Typically, you will see this crime occur in employment and corporate settings. Accounting embezzlement is a very common form of the crime and is when accounting records are manipulated so that the wrongdoer is able to hide theft or funds. Many of these people are given the assets to take care of them but then use them for their own doings in an illegal manner. In many cases, somebody has been given access to someone’s property so that they could manage and monitor it, and ended up taking advantage of the situation.
Unfortunately, embezzlement is something that will commonly happen in a bank setting. You trust banks with your money and may never expect something like this to happen right before your very eyes. However, these same bank tellers are given possession of your money and make sure that it ends up in their own hands in the most illegal and selfish manner. These same people may take large amounts of money all at once or take small amounts over a long period of time to make it seem like nothing was taken at all, or like “nobody would notice.” Embezzlers become creative in the way that they steal people’s money.
For embezzlement to work, there must be a fiduciary relationship between two parties, which makes one party rely on the other for monetary needs. The defendant must have acquired the property through the relationship and taken ownership of the property for their own benefit. To charge somebody with the crime, these acts must have been fully intentional.
Have you fallen victim to embezzlement and have fears that you will never see your money again? Has somebody taken advantage of a relationship with you and used your money for their own benefit? You may have a claim against this party. However, in any case, you should speak to a lawyer who understands the complex laws surrounding embezzlement. Call The Law Office of Peter Blair today for more information on what you can do.