Embezzlement: Destroying Corporations, Individuals, Governments and Churches
Posted on February 19, 2008
Filed Under Criminal Law, White Collar Crime |
Embezzlement is defined as “the fraudulent conversion of property of another by a person in lawful possession of that property”. America has had its share of famous embezzlers, including Robert Vesco, who in the 1970’s stole tens of millions after he took over Investors Overseas Services, a struggling mutual fund company. This past September in El Paso, TX a woman created fake social security numbers after she was put in charge of distributing funds to people in need, allowing her to make purchases for herself.
Southern California has been no stranger to embezzling, and its affects have damaged or even ruined both the reputations of public institutions, but public trust as well. Take the city of Irvine. There they have a project known as the “Great Park” which is a site purchased from the federal government after a military base was closed down. The site is a billion-dollar operation as construction and development are on-going. An individual known as Matt Bryant was appointed to be a major leader in the development and organization of the entire project. However, only recently has it been discovered that he embezzled funds in 1989 from San Juan Capistrano and used it for cocaine. Bryant in fact pleaded guilty and was convicted of embezzlement for stealing almost $23,000 in public funds to buy cocaine and go on weekend benders. Individuals guilty of this crime always have access to public funds through a bank account and are able to manipulate the system.
Another individual whose embezzlement not only infuriated others, but threatened lives is Bo Steffan Eriksson. Mr. Eriksson was the Swedish national who crashed a $3 million Ferrari Enzo and first blamed it on an unknown assailant and then claimed responsibility. Apparently, a British bank had purchased three high end sports cars and Eriksson never paid a cent back. He pleaded guilty to embezzling funds and was sentenced to three years in prison.
Like most white-collar crimes, the jail time varies with each individual. In public cases the judge may offer a stiffer sentence in order to make an example of the individual. In smaller matters, there may be only a few months in jail, along with a hefty fine.
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Embezzlement is annoying, especially considering the fact that people can be so mean like that
Embezzlement is annoying, especially considering the fact that people can be so mean like that. Also, they steal money, making it not as nice to others.