What Are the Penalties for Misappropriation of Assets in Illinois?

What Are the Penalties for Misappropriation of Assets in Illinois?

misappropriation of assets

What Are the Penalties for Misappropriation of Assets in Illinois?

Misappropriation of assets is considered a white-collar crime in Illinois. This means that while it is not destructive or physically violent, it is still considered illegal in the state. The act covers specific activities such as fraud and embezzlement. Hiring a Palos Heights, white-collar crime lawyer should be a priority if you have been accused of these. These cases can get complicated and usually carry severe and unfavorable penalties.

What is Embezzlement?

Embezzlement is the most common type of theft crime that falls under misappropriation of assets. It occurs when an individual misappropriates or illegally takes personal property entrusted to them by another person. This can also include tangible property such as cars and jewelry and intangible property such as stocks and bonds.

Penalties for Embezzlement in Illinois

As a theft crime, embezzlement carries hefty penalties, which can vary depending on the value of the embezzled property. These include:

  • Class A Misdemeanor – Less than $500 if it is not from an individual.
  • Class 1 felony – Between $100,000 and $500,000.
  • Class 2 felony – Between $10,000 and $100,000.
  • Class 3 felony – Between $500 and $10,000.
  • Class X felony – More than $1 million.

Depending on the severity of the conviction, you can face anywhere between a year and three decades in jail. The charge usually depends on the total value of the embezzled property. That is why most of these charges are considered to be felony charges.

Your reputation may be tainted even if the charges are dropped. At this point, you need a skilled defense team to protect your future.

Federal Embezzlement Charges

You can be charged with federal embezzlement if you are found to misappropriate funds across state lines. In that case, your case falls under federal jurisdiction. You may also face federal charges if a federal agency is involved. The nature of the offense determines the charges, the amount involved, and whether you take responsibility for the crime or take your case to trial.

Penalties for Federal Embezzlement in Illinois

You may face a $1,000 fine if you are found guilty of embezzling property worth less than $1,000. This can also be accompanied by a year in jail. The maximum fine can go up to $250,000 and 10 years in federal prison.

Contact Defense Attorneys at Michael D. Ettinger & Associates

If you have been accused of misappropriation of assets, time is not on your side. Hiring a Palos Heights white-collar crime lawyer or defense attorney should be the first thing you should do. This is where Michael D. Ettinger & Associates can prove invaluable. These ‘paper cases’ require thorough research and paperwork review that can get quite complex and confusing. Our attorneys have years of experience handling such cases and can defend you against federal charges.

Get in touch with us for a free consultation today and ease your mind. We will create a tailored roadmap to ensure the best possible outcome. Our attorneys have a strong track record regarding these cases and can give you the legal aid you need.