Embezzlement is a type of theft that typically occurs within businesses, organizations and governments.
Often embezzlement involves concealing assets, changing records and taking advantage of a position. Courts in Colorado prosecute embezzlement as a form of theft and punish offenders accordingly.
Embezzlement in businesses
Embezzlement often occurs in businesses when someone with access to funds covertly appropriates assets. Embezzlers might alter records or use offshore accounts to conceal their actions. In some cases, people who commit embezzlement are in positions of leadership and trust, including managers and executives. Employees who handle cash or financial records sometimes commit embezzlement, too. The severity of the offense depends on the amount of money stolen. Furthermore, Colorado has distinct laws against the embezzlement of public resources. In addition to penalties for theft, the law can limit government officials who embezzle public funds from holding office in the future.
Penalties for embezzling
Similar to other forms of theft, the charges and consequences for embezzling vary depending on the value of the stolen assets. If the amount embezzled is less than $50, the offender may only receive a petty offense charge resulting in fines and a possible sentence of up to six months. Stealing more can lead to a misdemeanor charge, higher fines and a longer jail sentence. Furthermore, a person can receive a felony charge for embezzling over $2000. People found guilty of embezzlement may also have to pay restitution to cover the damages caused by their theft.
Embezzlement occurs when someone knowingly transfers an organization’s money or other valuable assets into their possession. Consequences for embezzlement are the same as those for other forms of theft.