Embezzlement
Embezzlement (pronunciation: /ɛmˈbɛzlmənt/) is a type of financial fraud that involves the misappropriation of funds entrusted to one's care.
Etymology
The term "embezzlement" comes from the Old French word "embesillier," which means to make away, to destroy. It was first used in the English language in the 15th century.
Definition
Embezzlement is a white-collar crime that involves the unlawful conversion of property or money by someone who is in a position of trust, such as an employee or agent. The key element of embezzlement is that the person involved has lawful possession of the property or funds at the time of the fraudulent act.
Related Terms
- Fraud: A broad term that refers to dishonest acts intended to gain an unfair advantage.
- Misappropriation: The unauthorized use of another's property or funds for personal use.
- White-collar crime: Non-violent crimes committed by business or government professionals, often involving fraud or embezzlement.
- Fiduciary: A person or organization that has the power and obligation to act for another under circumstances which require total trust, good faith, and honesty.
Legal Aspects
In legal terms, embezzlement is a felony offense that carries severe penalties, including imprisonment and fines. The severity of the punishment often depends on the amount of money or value of the property embezzled.
Prevention
Preventing embezzlement often involves implementing strong internal controls within an organization, including regular audits, segregation of duties, and thorough background checks on employees.
External links
- Medical encyclopedia article on Embezzlement
- Wikipedia's article - Embezzlement
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