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What is Misappropriation of Assets?
When employees or third parties associated with a business abuse their power and authority and steal from the company through several fraudulent activities, this is known as misappropriation of assets.
Misappropriation of assets in organizations and businesses happens more frequently than most employers believe. Many employees steal and use the company’s property for their own personal gain, creating a breach of trust between them and the employer. Another term for misappropriation of assets is called insider fraud. These types of fraudulent activities are an unpleasant part of managing a business.
How to Deal with Misappropriation of Assets
Despite having overwhelming evidence against the alleged perpetrator(s), managing an asset misappropriation case is not an easy feat to achieve. An experienced attorney will follow various procedures to ensure the interest of the business is met, without violating any rights of the employees involved.
What Fraud Schemes are Included in Asset Misappropriation
Insider fraud includes several other frauds committed by third parties or employees of an organization. Some of the fraud schemes that fall under asset misappropriation are:
Cash Theft or Financial Exploitation
Cash exchanges are a part of every business organization’s daily operational activities. This includes employees involved in any type of cash theft including fraudulent returns, stealing cash, skimming fraud, or any other form of cash theft, which involves removing cash from the company.
Forging and Tempering Checks
Any employee who misuses their authorization and alters payments made through checks or forges and issues unauthorized checks for their own personal benefit.
Inventory theft and Tempering
Willingly tampering with inventory, stealing company products physically, or attempting to divert the delivery in other ways for personal benefit.
Any Form of Service Theft
Companies offer many services for employees, however, misuse of the various services for personal reasons and gains is considered as misappropriation of assets and a criminal offense. For example, and employee may use the company provided fuel allowance for personal travel, but claim the fuel was consumed on a business trip.
Commission fraud is committed when an employee willingly and purposefully exaggerates the sales growth to get a better commission.
If you believe you have been a victim of asset misappropriation, then a skillful criminal lawyer will help you sort out the problems you face in your
If you wish to know more about insider fraud or asset misappropriation, schedule a free consultation. Contact Michael D. Ettinger & Associates at (708) 923-0368 to speak with an experienced criminal lawyer.