86% of businesses have issues with embezzlement, whereas employees that commit larceny are costing businesses upwards of $50 million a year in losses for the company. These statistics are staggering, but you may be wondering what the difference is in larceny vs. embezzlement.
In this article, we will provide you with the main differences between the two and give you some in-depth information on each financial crime. Continue reading this article for a complete understanding of how each crime works.
Larceny is when you take the property or money of someone else without there consent. In the workplace, it’s when an employee either steals money or company property without permission. If caught, the employee can face significant consequences, including being prosecuted by the company they work for.
In court, the company that is suing you has to prove that the employee intended to steal the company’s property and keep it. Once the prosecuting has begun, some things will be taken into account when deciding on the consequences for the accused.
The things taken into account include:
- The property that was taken from the company
- How much the property that was stolen is worth
- Whether property taken by force or without others knowing
- If injuries were sustained when the property was taken
If convicted of larceny, the accused may face fines that can surpass $5,000. If the larceny charge is upgraded to a felony charge, then the person accused may face time in jail as well as additional legal fines.
When you’re charged with embezzlement, you need to know the laws in Texas. Embezzlement is when you take someone else’s property by hacking into their account, forging checks, stealing money by hacking the business system, and more.
Companies face embezzlement when hackers steal money or data from their company databases. These hackers are why it’s recommended that businesses have various changing firewalls in place to keep potential embezzlers from taking from their company.
The best example of embezzlement is one of the security agents hired to monitor the company accounts begins to steal money from the accounts.
When a person is taken to court in this case, it would be easy to prove a relationship between the company and the officer because they have been tasked with watching over the accounts.
If you are being accused of embezzlement, you’ll need to hire a legal team and begin to create your legal defense before a court. If you’ve been found guilty of embezzlement, you may face jail time and legal fines.
Larceny Vs. Embezzlement
In the argument of larceny vs. embezzlement, each can have consequences of jail time and potentially high fines. The information above should be read in its entirety to be sure of the differences between the two crimes.
If you’ve found this article to be enlightening and informative, we encourage you to scroll through some of the other articles featured in our blog section.