What is the Law on "Misappropriation of funds" in Wyoming and What are the Punishments for it?
Money entrusted to a person which is then used against the owner’s wishes for that person’s benefit is known as misappropriation of funds. Embezzlement of money is the same as misappropriation of funds. Understanding the misappropriation of funds is easy with an example. If a treasurer of a club takes funds for the club and puts it into his/her personal bank account for his/her personal use, the treasurer is said to have engaged in embezzlement as well as misappropriation of funds.
Many people use embezzlement and misappropriation of funds interchangeably. Embezzlement is defined as illegally procuring money or property through force or theft with the intention of depriving the owner of that property or funds of that money. Embezzlement occurs when a person uses money or funds for a use which is unauthorized by the owner.
What are the Warning Signs of Misappropriation?
There are many forms of misappropriation. If you’re interested in learning about the warning signs of misappropriation, be on the lookout for the following.
- Theft of personal items
- Forged signatures
- Using tactics such as harassment, undue influence or intimidation to gain money or property
If you notice any of these signs, the first thing you should do is report it to law enforcement.
What is the Penalty for Misappropriation of Funds in Wyoming?
The penalty for misappropriation of funds in Wyoming is imprisonment in the state penitentiary for not more than 10 years and not less than 1 year.
Defenses for Misappropriation of Funds
Arguments which are used against misappropriation include the following.
- The plaintiff isn’t the rightful owner of the funds.
- The plaintiff gave consent to the defendant to use the funds for the charged purpose or purposes.
How would Wyoming Prove misappropriation of funds?
Many people are in a position to frame colleagues for misappropriation of funds. Many people face accusations of misappropriation simply because they are the most convenient suspect. The state of Wyoming has to prove a couple of things before convicting someone of misappropriation.
- The defendant took the money without the owner’s permission.
- The defendant and the plaintiff had a fiduciary relationship.
- The relationship between the plaintiff and the defendant was used to gain access to the funds.
In many cases of misappropriation, a defendant will claim that the plaintiff had given permission to the defendant to use the money for a purpose. If the plaintiff can’t prove that the defendant used the money for a purpose other than the intended purpose, the defendant will be judged innocent.
Punishment for Federal Embezzlement
The punishment for federal embezzlement is different. A benchmark of $1,000 is used to differentiate whether federal embezzlement will be treated as a misdemeanor or a felony. Convictions of embezzlement are felonies where the maximum potential fine is $250,000. Other convictions are treated as misdemeanors. In addition to the fine, prison terms can range from a couple of months to a jail term of more than thirty years. The defendant’s criminal history is also considered.
If you or anyone you know is accused of misappropriation of funds, you should know that it is a very serious accusation which can have serious consequences if it is not dealt with the right way. The first thing you should do is consult a qualified lawyer with years of experience. Since each case is different, your lawyer will be in a good position to advise you on the course of action which you should take. Speak to multiple lawyers if you’re in a position to do so, as multiple opinions are better than a single opinion.