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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.
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 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
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. Under acts of Congress, stealing of letters by postmasters, clerks, and letter carriers is considered embezzlement.
References in periodicals archive ?
According to Linebaugh, struggles over embezzlement in eighteenth-century industry were linked to broader changes in the criminal law that legitimated new exclusive forms of property relationships based on absolute ownership.
Styles also places the problem of embezzlement in a longer chronological framework, disputing other historians' preoccupation with the th century.
Previous historians have invariably viewed the proliferation of embezzlement statutes, and more importantly, manufacturers' efforts to police work, as a direct and unproblematic legal response to the property encroachments of workers.
com which chronicles a variety of active white collar crime cases including major embezzlements.
announced today that it has released The 2011 Marquet Report On Embezzlement - its annual study of major embezzlement cases in the United States.
Her embezzlement points out one real benefit of an audit in a small business: Almost any degree of independent review by a CPA would have uncovered what Lemon was doing.
CPAs should be alert to simple trends when determining a company's risk of material embezzlement.
The most common embezzlement scheme involved the forgery or unauthorized issuance of company checks
The late Donald Cressey, a noted criminologist, pioneered the study of embezzlement by interviewing approximately 300 prison inmates in the 1950s.
What started out as the theft of a few hundred dollars to help her kids became a major embezzlement that went undetected for nearly four years.
The Marquet Report On Embezzlement examined 415 major embezzlement cases active in the US in 2009 - those with more than $100,000 in reported losses.
A copy of The Marquet Report On Embezzlement can be obtained by calling (917) 733-1038 or e-mailing a request to info@marquetinternational.