Embezzlement

Embezzlement is a type of financial fraud that involves a person or entity misappropriating assets entrusted to them. In this context, the embezzler is in a position of trust and abuses that trust for personal gain.

Definition

Embezzlement is defined as the act of dishonestly withholding assets for the purpose of conversion (theft) of such assets by one or more individuals to whom such assets have been entrusted, to be held and/or used for other purposes.

Types of Embezzlement

There are several types of embezzlement, including:

• Employee Embezzlement: This occurs when employees steal from their employers. This is the most common type of embezzlement.

• Corporate Embezzlement: This involves high-level executives or board members stealing from the corporations they work for or represent.

• Political Embezzlement: This involves politicians or government officials misusing public funds for personal gain.

Legal Consequences

The legal consequences of embezzlement can be severe, including criminal charges, fines, and imprisonment. The severity of the punishment often depends on the amount of money or value of the property embezzled.

Prevention

Preventing embezzlement involves implementing strong internal controls, conducting regular audits, and fostering a culture of ethics and integrity in the workplace.

See Also

• Fraud
• White collar crime
• Internal controls
• Audit

Embezzlement Resources
Need Help Finding a Doctor? Need help finding a doctor or specialist anywhere in the world? Explore our world directory. WikiMD's DocFinder can assist you in locating millions of physicians.	Medical Knowledge Access the latest research - Most recent articles Ongoing trials.

Translate to: East Asian 中文, 日本, 한국어, South Asian हिन्दी, Urdu, বাংলা, తెలుగు, தமிழ், ಕನ್ನಡ,
Southeast Asian Indonesian, Vietnamese, Thai, မြန်မာဘာသာ, European español, Deutsch, français, русский, português do Brasil, Italian, polski