Embezzlement

The crime of embezzlement is a felony under both Florida and federal law. Generally classified as a crime of dishonesty, embezzlement is when one converts (steals) money or property of another and uses it for their own benefit. Embezzlement is most often seen in banking, business relationships (funneling corporate assets into personal accounts or for personal use), the legal field (lawyers embezzling from client trust accounts), and other professional relationships (financial advisors embezzling from investment accounts). However, embezzlement can occur in almost any situation where assets of another are entrusted with someone, and then the person to whom those assets are entrusted obtains and uses the assets for their own benefit; thus depriving the true owner of their property.

Under federal law, embezzlement in the banking industry, for example, is when an officer, director, agent or employee of, or connected in any capacity with any Federal Reserve bank, member bank, depository institution holding company, national bank, insured bank, branch or agency of a foreign bank, or organization, or a receiver of a national bank, insured bank, branch, agency, or organization or any agent or employee of the receiver, or a Federal Reserve agent, or an agent or employee of a Federal Reserve agent or of the Board of Governors of the Federal Reserve System, embezzles, abstracts, purloins or willfully misapplies any of the money, funds or credits of such bank, branch, agency or organization or holding company or any money, funds, assets or securities entrusted to the custody or care of such bank, branch, agency, or organization, or holding company or to the custody or care of any such agent, officer, director, employee or receiver.

Conviction of this crime is punishable by a fine not to exceed $1,000,000 and/or a term of imprisonment not to exceed 30 years. However, if the amount embezzled does not exceed $1,000, the violator has committed a misdemeanor. Conviction of this offense is punishable by a fine and/or a term of imprisonment not to exceed one year.

Under Florida law, embezzlement is characterized as a theft and is charged when one knowingly and unlawfully, obtains or uses, endeavors to obtain or to use the property of another and does so with the intent to, either temporarily or permanently deprive the victim of their right to the property or any benefit from it, or appropriates the property of the victim for personal use or for the use of any person not entitled to it. Under Florida law, the criminal penalties are as follows:

• If the stolen property is valued at $100,000 or more, the violator has committed a grand theft felony of the first degree. Conviction of this offense is punishable by a fine not to exceed $10,000 and/or a term of imprisonment not to exceed 30 years.
• If the stolen property is valued at $20,000 or more, but less than $100,000, the violator has committed a grand theft felony of the second degree. Conviction of this offense is punishable by a fine not to exceed $10,000 and/or a term of imprisonment not to exceed 15 years.
• If the stolen property is valued at $300 or more, but less than $20,000, the violator has committed a grand theft felony of the third degree. Conviction of this offense is punishable by a fine not to exceed $5,000 and/or a term of imprisonment not to exceed five years.
• If the stolen property is valued at $100 or more, but less than $300, the violator commits a petit theft which is a misdemeanor of the first degree. Conviction of this offense is punishable by a fine not to exceed $1000 and/or a term of imprisonment not to exceed one year.