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An expense account is a facility that allows employees to make business-related payments on the companys behalf. It is an organized way of draining a company's money or asset over a long period. Law, Employment Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Commercial Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM). The defendant must have taken or converted (used, damaged, gave away) the money or property. Start here to find criminal defense lawyers near you. This method reduces the likelihood of being caught. Embezzlement legal definition of embezzlement - TheFreeDictionary.com Other types of property often singled out for harsher penalties include firearms, livestock, property stolen during an emergency or natural disaster, or public records. [20], 85% of incidents involved an embezzler who was a manager or higher. Many states allow the judge to aggregate (combine) the total worth of the money or property stolen when a defendant embezzles as part of a common plan or scheme. It receives payments in exchange for making items available to end-users. Here we explain how embezzlement works along with its types, elements, charges, and examples. Furthermore, it can refer to the total amount of money owed to a third party, such as a utility company, credit card company, mortgage banker, or other similar lender or creditor. Companies have created safeguards to protect against embezzlement. It is most often associated with the misappropriation of money. The embezzler has permission to handle the property in a certain way . Generally, the greater the loss is, the higher the penalty will be. For example, stealing cash from a grocery store checkout by one of the sellers is more theft than embezzlement because the seller was not entrusted with the companys finances. Embezzlers commonly secrete relatively small amounts repeatedly, in a systematic or methodical manner, over a long period of time, although some embezzlers secrete one large sum at once. This article has been a guide to Embezzlement and its Meaning. Plaintiffs can pursue embezzlement through civil court as well as criminal court. 18 U.S Code Section 641 establishes the crime of embezzlement of U.S. government property. There are many more ways to embezzle money as well.