Embezzlement is one of the prime examples of white collar crime. It typically occurs when someone is in charge of a company’s money or assets, and takes advantage by using or taking them for personal gain.
What constitutes embezzlement? With the many intricacies it holds, it can be difficult to make a clear assessment of what kind of financial crime you’re dealing with. Fortunately, getting in touch with a reliable Connecticut expert in white collar crime and bail bonds can provide you with the information you need. This article will give you further insight into embezzlement and all that it represents.
What is the difference between embezzlement and theft?
Embezzlement and theft are crimes that may seem interchangeable but carry different definitions and penalties under law. The penal codes generally define theft as “the act of taking and carrying away someone else’s property without permission from the owner”. Therefore, an essential element of committing the act of theft is the intention to deprive the owner of their property. The law usually prescribes various degrees of this crime and assigns penalties based on the value of property stolen and the circumstances surrounding the act. There are two basic degrees of this crime:
- Petty theft – typically categorized as a misdemeanor.
- Grand theft – usually a felony and can result in serious jail convictions and fines.
Although similar in its definition, embezzlement involves a different, more specific set of circumstances compared to theft. Embezzlement occurs when the perpetrator steals or misappropriates funds from his employer, business partner, or other entity that trusts them with the management of the funds. The main difference between theft and embezzlement is that, with embezzlement, the professional position or relationship with the asset holder is used to commit the crime. Therefore, the critical distinction is that embezzlement involves property that its lawful owner willingly entrusted. As with theft, there are two types:
- Misdemeanor embezzlement – Usually when the property taken is valued at less than $1,000.
- Felony embezzlement – A more serious charge that carries stronger punishments and fines.
What are some examples of embezzlement?
Embezzlement occurs when a representative or an employee funnels company funds or property to their personal account without the knowledge or consent of the employer. Any form of stealing from the employer is a form of embezzlement. Typical acts of embezzlement are:
- Stealing funds from the cash register
- Adjusting the financial books to hide missing funds
- Cashing of customer checks
- Faking vendor payments
- Overbilling customers
- Padding expense accounts
- Double dipping
- Stealing office supplies and company products
- Falsifying overtime
Some forms of embezzlement can be very elaborate. These may include the starting of a private business using company resources, insider financial trading, identity thefts and selling of customer data, industrial espionage, etc.
How much is bail for embezzlement?
Embezzlement may vary in severity and range from a petty misdemeanor such as stealing office supplies or fiddling with expense accounts to felonies that cause damages worth millions of dollars and affect many people, and which may bankrupt whole businesses. Therefore, it is very difficult to come up with a median range of bail that courts set for embezzlement.
A judge in Connecticut will calculate the bail based on factors such as the severity of the crime, the defendant’s record, employment and family circumstances, the defendant’s personality, and mental health. Bail for financial crimes is often much larger than bail for other crimes due to their typically large scale.
Bail for felonies typically ranges between as little as $4,500 to $50,000. However, bail can easily far exceed these amounts and reach hundreds of thousands of dollars if the record of the criminal and the severity of the crime is particularly heinous.
Hire a reputable Connecticut white collar crime bail bonds company
Are you need of professional bail bonds services? Whether you need help with credit card fraud, or simply need information on the types of white collar crime, BailCo Bail Bonds Manchester has you back whenever you need us. Our team is standing by and ready to assist you 24/7, offering our expert services across Connecticut, from Hartford to New Haven. Reach out today!