Embezzlement is one of the best-known and most common white-collar crimes. People who have access to company resources might abuse that access for personal gain. Embezzlement could involve physical property that belongs to an employer or money. People might misappropriate resources by intercepting client payments or use a company expense account for personal purchases.
Those accused of embezzlement might feel panicked about the possible consequences they could face. Some professionals even plead guilty out of a desire to resolve the matter quickly or in hopes of the courts handing down a less severe criminal sentence. Anyone who pleads guilty or gets convicted of embezzlement can expect to face a variety of consequences, including the three serious consequences below.
Criminal penalties
State statutes impose a variety of different penalties for embezzlement and other theft offenses. The total value of the embezzled resources determines exactly what penalties people may face. The lowest possible penalties for embezzlement are for cases involving assets worth less than $50. The defendant may face misdemeanor charges that could lead to up to one year in prison and $2,500 in fines. The most severe penalties include up to seven years in prison and $15,000 in fines for embezzlement involving more than $2,000.
An order of restitution
As if fines and court costs weren’t enough of a punishment, the criminal courts are also likely to require the convicted professional to compensate their employer. Orders of restitution force those accused of financial crimes to reimburse the parties affected by their actions. The party accused of embezzlement may have to repay their employers, which could potentially take years after they serve their criminal sentence.
A criminal record
Even after a professional convicted of embezzlement serves their sentence and repays their employer, the record of their conviction can affect their future. Most employers may have serious concerns when embezzlement shows up during a pre-employment background check. Additionally, state licensing boards may not extend a new license or renew an existing one to a professional who has a serious financial crime on their criminal record.
Those accused of embezzlement can sometimes avoid a criminal conviction by developing a successful criminal defense strategy. Analyzing evidence with the help of a skilled legal team can help those hoping to fight white-collar criminal charges plan the best response to their situation.
