Penalties for embezzlement

Posted By Law Offices of Jeffrey C. Grass || 27-Aug-2015

When thinking of typical criminal charges, many people in Texas initially think of crimes like murder, robbery, assault or rape. However, not all crimes can fit in these classifications. White collar crime charges can be just as common and present defendants with equally serious penalties. Examples of white collar crimes include forgery, insider trading, tax fraud, identity theft, copyright infringement and more. Embezzlement is another type of white collar crime that has been making headlines in Texas lately.

In one case, a former credit union executive faces a potential of up to 30 years in prison, five years of supervised release and fines up to one million dollars. According to ABC7Amarillo.com, an investigation has led to her being formally charged with embezzling $800 million over a 14-year span. The actions are alleged to have happened while she was in charge of the credit union’s teller operations in Borger.

The consequences that this prior Vice President may realize if convicted as set out per the U.S. Code as this situation is governed under federal law because the credit union is federally insured. According to the Cornell University Law School, the above are the maximum penalties and sentences. These consequences can be applied to a person convicted of embezzlement if the alleged crime was committed pertaining to a specific financial institution. In cases where the embezzlement involved an amount less than $1,000, a prison sentence can be no longer than one year.

Understanding these parameters is important for anyone in Texas who is accused of embezzlement or any other type of white collar crime.