What is embezzlement?
Embezzlement is larceny, property theft or misappropriation of funds that someone has kept in your care or entrusted to you for safekeeping. The difference between any other kind of theft and embezzlement is the involvement of financial trust that the rightful owner of the property or money has in the offender.
What are the types of embezzlement?
Embezzlement is not done in one specific way, by one specific means or just by employees. There are many types of embezzlement like:
- Siphoning – The general offender, in this case, is the person manning the cash register or a front desk operator. This type of embezzlement usually involves skimming money from the cash register by creating fake discrepancies to pocket the money from the cash drawer.
- Check Kiting – This is a form of check fraud done through creating a web of fake checks and various bank accounts. What is basically done here is that the offender creates a checks of an amount larger than what he has in his bank, opens an account in a separate bank and deposits the checks there before making a withdrawal.
- Lapping – Is a method used by employees to steal money given by one customer and then skimming money from another to cover up the first felony.
- Overtime – This is valid only for hourly paid employees; any employee timing in at the start of the shift but leaving work without timing out, only to return a few hours later to time out. If this was done by accident and informed to the manager, then it won’t matter, otherwise, it could be a way to falsify the number of hours an employee has actually worked.
- Non-register sales – If a customer is in a hurry then he might insist on not waiting for a receipt, in such cases the cashier might pocket the cash or state a wrong (lesser) amount in the books while pocketing the difference.
What are the consequences of embezzlement?
According to the laws of Virginia, embezzlement of anything costing less than $200 is treated as a misdemeanor petit larceny, carrying a possible prison sentence of up to 12 months of jail time. While embezzlement of $200 or more, is treated as a felony grand larceny that could land you up to 20 years in prison. In both cases, whether the embezzlement is of lesser than $200 or more, you might also be ordered to pay a fine of around $2,500.
What are the charges on which you can convict someone for embezzlement?
In order to convict someone on the charges of embezzlement, a persecutor must prove that he did indeed commit the crime. Here are all the points that need to be taken into consideration to prove if the accused is guilty:
- He acquired the money/property through wrongful or fraudulent means
- He embezzled/concealed/used/disposed of the money/property
- The money/property did indeed belong to someone else
- The money/property was kept/received on behalf of someone else
Where can you find the laws regarding embezzlement?
The section codes that cover the topic of embezzlement in Virginia law are:
- VA Criminal Code § 18.2-111
- VA Criminal Code § 18.2-95
- VA Criminal Code § 18.2-96
- VA Criminal Code § 18.2-152.8