embezzlement

(redirected from embezzlements)
Also found in: Dictionary, Thesaurus, Legal, Financial.

embezzlement,

wrongful use, for one's own selfish ends, of the property of another when that property has been legally entrusted to one. Such an act was not larcenylarceny,
in law, the unlawful taking and carrying away of the property of another, with intent to deprive the owner of its use or to appropriate it to the use of the perpetrator or of someone else.
..... Click the link for more information.
 at common law because larceny was committed only when property was acquired by a "felonious taking," i.e., when the act was committed with respect to property that was at the time in the legal possession of the owner. Consequently, unfaithful servants, employees, agents, trustees, or guardians who misappropriated another's property could be sued only in the civil courts, on the grounds that although the defendant had legally come into possession of the property, he had breached his trust by wrongfully misappropriating it to his own use. To remedy this situation statutes were passed in England and the United States that either made embezzlement a distinct crime or enlarged the definition of larceny in such a way as to include all cases of misappropriation of property in the lawful possession of the wrongdoer. In most states of the United States embezzlement is a felonyfelony
, any grave crime, in contrast to a misdemeanor, that is so declared in statute or was so considered in common law. In early English law a felony was a heinous act that canceled the perpetrator's feudal rights and forfeited his lands and goods to the king, thus depriving
..... Click the link for more information.
. Under acts of Congress, stealing of letters by postmasters, clerks, and letter carriers is considered embezzlement.
References in periodicals archive ?
The body in its meeting held here under the Chairmanship of Amirullah Marwat said that HEC did not took any action against the Financial embezzlements at Hazara university.
The alleged fund embezzlements were highlighted in internal audit report of financial year 2012-2013.
A NEW law that criminalises bribery and embezzlement in the private sector has been approved following an 11-month tug-of-war between legislators.
A seminar focusing on strategies that top officials of nonprofit organizations can use to prevent fraud and embezzlement will be presented March 25 in Concord.
Justice Finney had found Pimlott guilty of false and short reeling, a type of industrial embezzlement specific to handspinners.
Attorney Nora Manella called ``one of the largest embezzlements in United States history.
Asked if the strengthened accounting and inventory controls at the paper now make the Observer immune to embezzlements, Neill said nothing is certain: "The people who have the most money in the world -- banks -- are defrauded all the time, even though they supposedly have the best controls in the world, but one thing you do know is, if you follow the fundamentals, you are less likely to be vulnerable.
The number of major embezzlements dropped only a slight 2% from 2010;
Citizens have strongly demanded of authorities to take strong action against perpetuators of this instance of fraud and embezzlements.
Kazim Ali Malik said that huge embezzlements were found in the renovation of many police stations buildings.
Embezzlements can be uncovered, but more importantly, people like Lemon will be much less likely to steal knowing a CPA will be scrutinizing their activities.
The Financial Services industry suffers the greatest losses from major embezzlements.