Embezzlement is the misappropriation of property, money or any other type of asset by an individual who doesn't own it. This person usually works in a position of authority where he or she comes into contact with these assets. Embezzlement is a felony in the state of Maryland; however, not all Maryland residents recognize the many different forms this crime takes. So what are some common types of embezzlement?
The crime of embezzlement typically takes place in a business or corporate setting, although it also occurs at different government levels. One typical form of embezzlement is accounting embezzlement. This occurs when someone is given possession of an asset and they manipulate the business's accounting records to make it seem that the asset is where it's supposed to be. This person then takes possession of the asset and tries to make it seem like it's theirs.
Another common form of embezzlement is when someone such as a fund manager or a financial planner is given the authority to manage and run specific assets for another person. The manager then takes those funds and uses them for their own personal use while presenting false documentation about the assets to the real owner.
There are different methods that people use to embezzle money and property from their rightful owners. These can include falsifying company records, writing checks to non-existent employees, submitting false invoices and even running elaborate "Ponzi" type schemes.
Embezzlement is a serious crime that carries both significant penalties and a strong social stigma. Any Maryland resident who has been charged with this or any other crime of fraud may want to speak to a criminal defense attorney in order to fully explore how these charges can affect one's life.
Source: criminal.findlaw.com, "Embezzlement," Accessed Oct. 11, 2015