Embezzlement is the withholding and conversion of assets by a person who has been trusted by the organization. Businesses might experience embezzlement by a trusted employee with authorization to move fund around. It is considered as theft and could lead to severe ramifications for anyone involved. Businesses who feel money is being embezzled might want to stay vigilant. Employees may embezzle money using several different techniques.
One of the easiest ways for employees to embezzle money is to claim they worked overtime. Some employees might falsify their time records to make it look like they worked extra hours. This adds to their earnings and is also referred to as employee theft. The mishandling of company profits by employees is called cash embezzlement. Employees who deal with their customers directly have a higher chance of embezzling cash from the company. They choose not to show a paper trail for the cash received, which goes into their pockets.
Companies affected by embezzlement usually experience a drop in their profits. Certain records might be missing or disorganized to cover up the financial fraud. The company may have issues with late bank deposits made to the same customer. Employees involved in embezzlement work late and do not complain about overtime. Their standard of living is usually higher than that of other employees at the same position. Companies can keep a check on all employees through regular background checks and periodic audits.
Being accused of embezzlement could lead to severe consequences. You might want to consider hiring an experienced attorney. The attorney will assess your situation and come up with an appropriate defense strategy for you.