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What to know about embezzlement and types

What to know about embezzlement and types

| Apr 14, 2021 | White Collar Crimes |

A white-collar crime in Florida refers to a group of non-violent financial crimes characterized by deceit and concealment. The term takes its name from the type of people more likely to commit them, which are affluent people in business sectors. A common type of white-collar crime is embezzlement, which can include several types.

Definition of embezzlement

When a person misuses property or funding entrusted in their care, they commit embezzlement. The offender commonly premeditates the crime to devise ways to carefully conceal the theft. They may start embezzling small amounts of cash or goods to avoid detection. The offender may also work in conjunction with a partner or multiple partners who operate as contractors but never actually do their job. Statistics show that 70% of embezzlement cases last longer than one year, and 80% of cases involve upper management.

Types of embezzlement

Overcharging customers is a common type of embezzlement that occurs when an employee charges a higher price and pockets the difference. Sometimes, the customers get charged the same price several times, and the employee records the transaction as the original price. The simplest form of embezzlement is cash theft, which involves the employee taking money from the register.

Employees may also forge a check to themselves, which can easily occur if the company uses a stamp signature. The employee then manipulates the books to hide the theft and make the transactions look legitimate.

Advances in technology make it easier for an employee to steal a customer’s credit card or bank card data to use for their own purchases, commonly called skimming. For example, a bank teller may attach a device to a telling machine to record PIN codes unknown to the customer.

All states take white-collar crimes seriously, so an offender commonly faces stiff penalties. A white-collar crime may get charged as a felony or misdemeanor with penalties including jail time and fines, depending on circumstances. However, the accused may fight the charges with an attorney’s help.