The Crime Of Embezzlement
Many people have heard of the term “embezzlement,” but not many understand what this term means. Simply put, embezzlement is a type of grand larceny crime that involves a person stealing money they have been entrusted with. The crime of embezzlement is one of the most commonly perpetrated grand larceny crimes in the state of New York. However, although embezzlement is a type of theft crime, there is a difference between plain theft and embezzlement. For an individual to be convicted of plain theft, the money or property stolen does not need to have been entrusted to them. Therefore, for someone to be convicted of embezzlement, the money or property stolen must have been entrusted to them.
The crime of embezzlement can carry serious consequences, including fines and a prison term. So, if you stand accused of embezzlement, ensure you speak to a qualified criminal defense attorney who can defend you and increase your chances of getting a positive outcome.
What Is Embezzlement in New York?
In New York, embezzlement involves taking property, usually money, without the authority or permission to do so, with the intention of depriving the legitimate owner of that money. Embezzlement often happens when an “insider” entrusted with funds in an organization or corporation chooses to take some of the money they have been entrusted with for their benefit. An insider can embezzle money by stealing small amounts of money from an organization or corporation over several months or years, or they can embezzle money by taking a huge amount of money in an organization or corporation at once.
In New York, the crime of embezzlement falls under NY Penal Law 155 (Larceny).
Differing Degrees of the Crime of Embezzlement
The amount of money a person takes dictates the degree to which grand larceny by embezzlement crimes are charged. If an individual takes:
- More than $1,000 but no more than $3,000, they are guilty of grand larceny by embezzlement in the fourth degree.
- More than $3,000 but no more than $50,000, they are guilty of grand larceny by embezzlement in the third degree.
- More than $50,000 but no more than $1,000,000, they are guilty of grand larceny by embezzlement in the second degree.
- More than $1,000,000, they are guilty of grand larceny by the first degree.
New York Penal Law 155.25 (Petit Larceny) would be the applicable crime charge in a situation where the money stolen is equal to or less than $1,000.
Embezzlement crimes can carry jail time of up to 24 years in prison. Generally, the penalty for the crime of grand larceny by embezzlement gets tougher with the degree of the crime. Grand larceny in the first degree carries the toughest consequences, followed by grand larceny in the second degree.
Contact an Experienced NYC Grand Larceny Attorney Today
If you stand accused of grand larceny by embezzlement in New York City or New York State, contact Mark I. Cohen, an experienced NYC Grand Larceny attorney, at 212-732-0002 to maximize your chances of preserving your freedom, reputation, and assets.