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Embezzlement
01
the act of stealing funds that are placed in one's trust and belong to one's employer
Example
Embezzlement involves the illegal taking of money or property by someone entrusted with its care, such as an employee or a public official.
Conviction for embezzlement can result in severe penalties, including imprisonment, fines, and restitution to the victims.
The CEO resigned in disgrace after an internal audit revealed widespread embezzlement of corporate assets.
The nonprofit organization implemented stricter financial controls to prevent future incidents of embezzlement.
The accountant was found guilty of embezzlement after diverting company funds into personal accounts for several years.
