New York Embezzlement Law
The embezzlement definition law of the state of New York classifies the crime as a “white collar” operation, which is carried out when an individual steals money or property which has been entrusted into their care. New York embezzlement laws categorize an employee or trustee stealing from a company or establishment as embezzlement. In addition, the crime of embezzlement is usually deemed to be premeditated and conducted in a calculated manner.
When it comes to embezzlement law, New York loops the crime in with larceny, which involves taking money or property from its rightful owner and holding it against their will. New York embezzlement laws are clubbed in with laws related to larceny, and are not a standalone statute.
New York Embezzlement Law
According to the New York embezzlement laws, the crime committed has to be found violating the fiduciary obligation which comes into play any time an individual is entrusted with the funds of property of a company. This obligation means that they have a duty to protect the money and to keep it safe from been used in an irrational manner, or to be used when an emergency arises. The New York embezzlement law chalks out these people as being the directors, officers, agents, trustees or a bailee of a company, who are given the responsibility of taking care of personal or real property, computer programs or data, evidence of debt, or anything which has a monetary value attached to it.
Punishment for Embezzlement in New York
The New York embezzlement laws categorize the difference between larceny and embezzlement, define grand larceny, and chalk down the punishment of embezzlement law. The punishment for embezzlement in New York includes the following:
- Petty Larceny: Petty larceny is defined as the embezzlement of any money or property which is valued at any amount below $1000. The embezzlement law classifies this as a misdemeanor, and the convict will have to face a maximum of 12 months in prison, and pay a fine of up to $1,000.
- Fourth- Degree Larceny: Embezzling money or property which is valued at $1,000 or above is termed as a fourth degree larceny and a Class E Felony, and is punishable by a maximum prison time of up to 4 years.
- Third- Degree Larceny: The theft or embezzlement of any amount or property with a value of $3000 or higher is termed as a third degree larceny, classified as a Class D Felony. A person convicted of this crime will have to face a maximum prison time of up to seven years.
- Second- Degree Larceny: Embezzling money or property from a company or establishment of any amount of $50,000 or above is termed as second degree larceny in the state of New York, and is classified as a Class C Felony. An individual convicted of a Class C Felony will have to face a maximum prison time of up to 15 years.
- First- Degree Larceny: The embezzlement of any amount from a company or establishment, which is valued at an amount over $1 million, is termed as a first degree larceny, and classified as a Class B Felony. An individual convicted of first degree larceny will have to face a maximum prison time of up to 25 years.
Any individual who has been convicted of embezzling funds from a company or establishment will have to face prison time of at least 12 months. In addition to this, they will also have to pay a fine of an amount which is twice the sum of money that was embezzled. This means that an individual convicted of embezzling $1 million will have to pay a fine of at least $2 million.
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