Embezzlement is the act of wrongfully taking or misappropriating funds or property entrusted to someone's care, typically by an employee, manager, or official. It occurs when a person who has been given access to money or assets for a specific purpose uses them for personal gain, without permission. As opposed to theft, embezzlement involves the person being in a position of trust, such as an accountant or company executive, who legally holds control over the funds but exploits that position for personal benefit.
The crime can involve various amounts and types of assets, from small sums to large corporate funds. Embezzlement is considered a serious offense and is punishable by fines, restitution, and imprisonment, depending on the severity and amount involved. Companies often implement internal controls, audits, and oversight in order to prevent embezzlement.
Interesting breakdown of embezzlement. It's alarming how trust can be exploited for financial gain