Saturday, December 21, 2019

Embezzlement, A Costly White Collar Crime Essay - 1481 Words

Embezzlement, A Costly White-Collar Crime When an employer hires a new employee, they expect that employee to perform the work that is asked of them so that they can receive a paycheck. Often, employees are promoted to positions of trust within the company. These positions enable dishonest employees to commit criminal acts against the company for their own personal gain. One of the most common crimes they commit is embezzlement. Embezzlement occurs when a person in a position of trust takes or misappropriates funds that they have been entrusted with and converts them for their own benefit. This was what happened in Dixon, Illinois in 2012 that resulted in a $53.7 million-dollar loss to the city. The comptroller at the time, Rita Crundwell, embezzled the money to fund her own horse breeding operation along with extravagant gifts for herself. Crundwell was charged in 2012 and plead guilty to wire fraud. Crundwell as sentenced to 20 years in prison for this crime. The crime of embezzlement is considered a white-collar crime as it is a nonviolent crime that is committed by a person for their own financial gain. When a person commits embezzlement, they do not physically harm another person, although they cause them to suffer some sort of financial loss due to the theft they have committed. Those that commit embezzlement are usually in the career of some sort of business and hold a position that they have access or control over some type of financials for the company or clients.Show MoreRelatedThe Crime Of White Collar Crime2571 Words   |  11 PagesCrime is such a general word, and describes a whole conundrum of activities that are seen as unlawful. The oxford dictionary defines crime as â€Å"an action of omission which constitutes an offence and is punishable by law†. There are many different types of crimes, and they are classified based on the seriousness of the crime. 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