Managing the finances of other people is not an easy task, but it is bread and butter for many people. Whether the arrangement is with a group of investors or with your employer, these duties carry great responsibility, and the result could be devastating if any discrepancies arise.
An investigation might ensue if there are any discrepancies in financial statements and records. In this scenario, often involved parties make someone else fall for this as a scapegoat. So, you must know all the circumstances if you are accused of embezzlement. Knowing all the possibilities will help you to be in a good position and protect your future.
A person can be alleged for an emblem in various scenarios, and this allegation’s impact has a direct effect on your daily life. Following are some examples of offenses for which you can get accused of embezzlement.
- Personal use
You can be accused of embezzlement if there is proof that you have an unfair advantage of your access to the company assets to fund your account or make a personal purchase without authorization.
- Fiduciary Duty
Allegations of such type may also arise when a person has a fiduciary duty to handle another person or entity’s finance and is alleged of misappropriating or stealing such assets.
- Funds and assets
Mishandling a company’s assets does not always mean misappropriating money, as a person’s fiduciary duty is not only confined to the capital. This duty also includes handling the company’s physical assets, such as vehicles and laptops.
- Financial records
Similar allegations may also arise when a person has failed to keep authentic and proper financial statements, records, and transactions. A minor error in the book can bring you under suspicion of ill behavior.
Penalties of embezzlement
The penalties for embezzlement are severe and harsh regardless of the fraud amount. The accused can be sentenced to 10 years imprisonment and the monetary fines can be hefty.
These are some of the legal aftermaths of being accused of embezzlement. But they are not only confined legally. Having your name on the criminal record can have harsh implications in your professional life. It can be stressful for a person to find other clients or jobs once accused of embezzlement. Your social life also gets affected because your reputation and trustworthiness are tarnished.
What are your options?
As you have seen the harsh consequences of being proven guilty of embezzlement, it is crucial to leave no stone unturned to get the best result in your favor. It will help you to protect your reputation from getting diminished.
The best way to approach this allegation is to hire a legal attorney or lawyer. An experienced lawyer will go through the case and strategize the best possible way for the further proceedings of the case.
It is almost impossible to prove yourself innocent without an attorney if you are not from a law background. So, it is better not to overthink hiring a good and experienced lawyer.
Final Thoughts With this article, you must have understood the implication of being charged for embezzlement and your options to prevent being proven guilty. But, in both cases, a lawyer is a must if you want to win the case.