Embezzlement occurs when someone entrusted to hold personal property on behalf of the owner takes said property. However, the white collar crime can fall under two different New York laws: larceny by embezzlement and possessing stolen property. Learn how New York law categories embezzlement and the associated punishments.
Larceny by Embezzlement
Under New York law, larceny is the wrongful theft or withholding of property or money from the rightful owner. Because the court recognizes money as “monetary property,” embezzlement can fall under larceny law. These charges are commonly connected with Wall Street officers and employees and typically refer to a singular theft of funds.
Possessing Stolen Property
In order for the court to charge you with larceny, you must be in control of the stolen funds. You can, however, still face criminal charges if you are no longer in possession of the funds. If the total sum of stolen money is not in your bank account, the embezzlement falls under “possessing of stolen property” law.
Unlike larceny, possession of stolen property charges can refer to a number of funds stolen over time. For example, if you embezzled $10,000 over the course of a year, each in $1,000 increments, you can face one possession of stolen property charge for the total theft.
Although the categories for embezzlement differ, the punishments for these crimes vary solely upon the amount of money stolen.
If you steal more than $1,000, but less than $3,000, the offense is a Class E felony, punishable by between 4 months and 4 years in prison.
If you embezzle more than $3,000, but less than $50,000, the offense is a Class D felony, punishable by between 28 months and 7 years in prison.
If you embezzle more than $50,000, but less than $1,000,000, the offense is second-degree grand larceny. This Class C felony is punishable by between 5 years and 15 years in prison.
If you embezzle more than $1,000,000, the offense is classified as grand larceny in the first-degree. As the most severe form of embezzlement, this Class B felony is punishable by up to 24 years in prison.
Talk with One of Our Dutchess County White Collar Defense Lawyers
Without proper legal representation, your embezzlement charges can lead to serious jail time and marks on your permanent record. Don’t risk your future. Contact our legal team at the Law Office of Dennis R. Vetrano, Jr., LLC. We work to defend the rights of our clients and have a reputation for excellence.
Call the Law Office of Dennis R. Vetrano, Jr., LLC at (845) 605-4330, and schedule a free initial consultation.