Understanding Embezzlement Charges

Embezzlement is a serious charge you should never take lightly. If you're facing charges of embezzlement, you might have a lot of questions. This is a serious type of fraud that you need to consider when you are arrested and awaiting trial. Want to know more about embezzlement? Keep reading to learn more.

First, Understand Fraud Charges

Fraud is the act of deception that results in financial misstatements. Fraud may include a variety of crimes from theft, corruption, extortion, and money laundering. As you can see, there are many different types of fraud you can be charged with.

Embezzlement Is a Type of Fraud

Specifically, embezzlement refers to the unlawful taking of property after it has been entrusted with you. Imagine that a bank teller has been stealing money out of their drawer. This is a basic example of embezzlement, as the bank teller has been entrusted with the responsibility of taking care of the money.

Specific Types of Embezzlement

There are several types of embezzlement you may have been charged with. This is what you need to know about embezzlement and the crimes associated with them:

Overtime Fraud: Overtime fraud occurs when somebody clocks out later than they stopped working. They might clock out later than they stopped working by mere minutes every day, but this can add up over the course of a month.

Siphoning Funds: This is a form of embezzlement that has changed over time. Siphoning involves accepting money for services or goods and then manipulating the register to take some of the funds for themselves. In many cases, the individual accepting the payment will inflate the price to the customer and then take the difference. This is most common in cash-focused businesses.

Payment Lapping & Ponzi Schemes: These schemes involve taking payment from one person and then transferring pay to another client, essentially using the funds somebody just used to pay into a scheme or service and then simply transferring it without actually making good on promises. Of course, this is not a complete list of embezzlement schemes and fraudulent crimes, so you may be charged with other forms of fraud.

You Need to Hire an Attorney

Regardless of the type of embezzlement charges you are facing, you should hire a criminal law attorney. An attorney will help you fight charges and ensure you are well-represented in court. It is important that you pay close attention to your attorney's instructions as you await trial.