When it comes to the term “white-collar crime,” many people use it to describe crimes like embezzlement and employee theft. These crimes are most prominent in managerial-level employees who work in the financial department of Mississippi businesses. Many times, multiple employees are working together to steal money or similar items from a corporation.
What is embezzlement?
Businesses trust their funds to various employees who are to care for the funds for business purposes. In some cases, employees may wrongfully appropriate funds to themselves or others. When this occurs, it’s considered fraud. A great example of the act of embezzlement is manipulating accounting records to hide funds that a bookkeeper took.
Why is it not considered theft?
While embezzlement may first seem like a black and white case of theft, it’s not for one main reason. A person who embezzles has been granted access to handle the item. Since an embezzler has permission, it’s not considered theft.
A couple more examples of embezzlement include a bank teller pocketing deposits and an accountant who pockets refunds instead of giving them to customers. These are all considered white-collar crimes.
Embezzlement doesn’t always involve money
While money is the most obvious thing that is embezzled, it’s not the only one. Employees can embezzle any assets that they are entrusted to handle. In the retail sector, this tends to include merchandise like clothes or gift cards. The more popular lingo for this type of embezzlement is shrinkage.
While there are definitely cases involving clear-cut embezzlement, some accusations are based on false information or misunderstandings. If you have been accused of embezzlement, it’s important to consult with an attorney. A lawyer experienced in white-collar crimes can help defend you against criminal charges and the ramifications that come with them.