What Is the Law on Misappropriation of funds in Colorado and What Are the Punishments for It?
When living in the State of Colorado, it is crucial to know about the laws of the territory. Let’s dive in to understand Misappropriation of Funds, along with the punishments in Colorado.
What Is Misappropriation of Funds?
Misappropriation of Funds refers to the illegal and intentional use of funds for personal use when it doesn’t belong to the individual.
Misappropriation of Funds tends to take place when an individual has the responsibility to take care of a third party’s assets. For example, a cashier working in the supermarket decides to pocket a portion of the cash payments for personal use.
If the owner of the establishment or any other individual catches the cashier committing this crime, it will fall under Misappropriation of Funds.
Convicting an Individual for Misappropriation of Funds
When a prosecutor charges a person with Misappropriation of Funds, he/she must prove to the judge/jury that the individual committed the crime.
First, it is the job of the attorney to show the court that the owner of the establishment left the accused in charge of the money. The prosecutor must show this individual had control, but not ownership of this asset.
Next, the attorney will show the members of the court that the accused had the intent of using the funds for personal use. In some cases, it is enough for the prosecutor to exhibit that the individual wanted to take action which would result in Misappropriation of Funds.
The accused should spend the money for personal purposes to break the law. However, it isn’t always necessary for the individual to do this, to classify it as Misappropriation of Funds. As long as the person transfers the money to his/her account and refuses to return it to the owner of the establishment, despite repeated demands.
Also, even if the individual gave the money back to the rightful person, it will still come under the Misappropriation of Funds. The duration of the theft isn’t a factor when it comes to breaking this law.
Punishment for Misappropriation of Funds in Colorado
If the money stolen is less than $50, it falls under the Class 1 Petty Offense, which has a maximum jail time of six months and $500 fine. If this amount is greater than $50 but lesser than $300, it comes under a Class 3 Misdemeanor. The punishment is a fine which can reach up to $750, along with maximum jail time of six months.
When the amount was stolen goes above $300, but below $750, it is a Class 2 Misdemeanor. The individual will receive a fine can reach $1,000, and jail time of 3 – 12 months. If the accused steals more than $750, but below $2,000, it becomes a Class 1 Misdemeanor. In this case, the individual will receive a fine of $5,000, with 6 – 17 months of jail time.
For amounts greater than $2,000 but lesser than $5,000 falls under a Class 6 Felony. The accused will receive 12 – 18 months of jail time, with a maximum fine of $100,000. When the amount goes above $5,000, but not more than $20,000, it is a Class 5 Felony. The fine is a maximum of $100,000, with 1 – 3 years of jail time.
Amounts going beyond $20,000 but below $100,000 is a Class 4 Felony. In this case, the fine can go up to $500,000 with 2 – 6 years in jail. For amounts, more than $100,000 but not greater than $1 million is a Class 3 Felony. The accused will receive a maximum fine of $750,000 with 4 – 12 years of jail time. Amounts greater than $1 million is a Class 2 Felony. The fine reaches a maximum of $1 million with 8 – 24 years in jail.
When it comes to public property, it falls under a Class 5 Felony, with a two year mandatory parole period. Also, this individual will be unable to hold any office of profit or trust in the state.