Embezzlement is the fraudulent conversion and misappropriation of entrusted funds
A white-collar crime where an employee misappropriates money or property rightfully belonging to the employer and uses the money for the employee’s gain. This crime is considered theft.
If the theft involves federal money or property, the crime will be prosecuted in federal district court and is punishable by fine and imprisonment.
Embezzlement also occurs when a trustee has been entrusted with money and investment,s such as an investment advisor or brokerage company. When such money is embezzled and used for personal gain, this is a severe breach of not only the trustee’s fiduciary duty; it is a criminal act and is punishable by fine and imprisonment.
