Embezzlement Law Illinois
Illinois Embezzlement Law: This article flows through the intricacies of the Embezzlement in Illinois dealing with the true meaning and definition of Embezzlement of valuables including money and property. Further, it deals with the difference between embezzlement and theft or stealing away, the laws for embezzlement in Illinois and the punishment or the period sentenced in the prison, served along with the monetary fine for the offense of the same.
What is embezzlement?: The term Embezzlement can be defined as the act of taking away or not giving back or making inappropriate use of money or valuables kept with someone to whom the person believes but results in the unexpected outcome of fraud. It can be exemplified as valuables or money that belong originally to the company but the employee can use the money and sometimes the employee even makes misappropriate use of it by using the company's money for their own good. This is when an individual entrusts their valuables to another individual, but the individual in possession of the value in an illicit manner transform the possession rights doing the fraud with the original owner, they are said to be embezzling the individual who entrusted the valuable initially.
Difference between embezzlement and theft or stealing: Embezzlement is not similar to theft or stealing away of one's money or other valuables. This is because of the fact that there is no permission granted to any individual to keep the valuables or money or any other kind of property for any period of time in the act of stealing the same from someone whereas upon trust the valuables or money or any other kind of property is first entitled to a short period of time by the owner on his own but later got cheated on and did not receive back the same in cases of embezzlement. Theft lacks no previous allotment of the valuables for any period of time whereas there is a sense of consent in the act of embezzlement.
Laws for embezzlement in Illinois: Embezzlement is taken as a serious offense in Illinois. It is defined in 720 ILCS 5/16-1. As per 720 ILCS 5/16-1, an individual commits such crime in case he or she knowingly has an Intention to abstain from the original owner permanently of the use of their own property; or start using it on their own in a manner such that the original user can no longer use it.
How embezzlement is punished in Illinois?: The value of a property plays a very important role in defining punishment in Illinois. If property obtained has a value of less than $500, then the embezzlement is seen as a Class A misdemeanor which is punishable by up to one-year imprisonment and a monetary fine of $2,500. In case, the property has a value of more than $500, but not more than $10,000, it will be seen as a Class 3 felony, punishable by two to five years imprisonment. If the property was worth more than $10,000, but less than $100,000, in such case the embezzlement is considered a Class 2 felony, punishable by three to seven years imprisonment and monetary fines of up to $25,000 may also be charged.
Conclusion: Embezzlement can be defined as the act of taking away or not giving back or making inappropriate use of money or valuables kept with someone to whom the person believes but results in the unexpected outcome of fraud. It is taken as a serious offense in Illinois. It is defined in 720 ILCS 5/16-1. The value of a property plays a very important role in defining punishment in Illinois and can result in monetary fines and prison too.
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