A former employee of the North Carolina A&T University Foundation has been arrested and charged with embezzlement as well as a number of other white collar crimes, including computer fraud, corporate malfeasance and obtaining property by false pretenses. The foundation has accused the employee of using her position within the organization to steal about $400,000 since 2011.
Embezzlement is a legal term used to describe the intentional theft of money or property by a person who is responsible for overseeing those assets or is otherwise in a position of trust with regard to them. For instance, bank tellers and investment brokers are frequently entrusted with other people's money in the context of their employment, and they can be charged with embezzlement if they use that money for their own purposes.
Although embezzlement is often referred to in the context of the banking and financial industries, employees in a wide variety of occupations can be charged with embezzlement. For example, a corporate employee who is given possession of a company car could potentially face embezzlement charges for selling the car for his or her own profit. Embezzlement charges can also result from things like overbilling, falsifying records or pyramid schemes.
Sometimes, people are charged with embezzlement as a result of genuine mistakes, misunderstandings or breakdowns in communication. Although the law requires that anyone facing charges must be presumed innocent until proven guilty, defending against charges of embezzlement or theft in situations such as these can be difficult. Therefore, it is always a good idea to seek help and advice from an attorney.
Source: WXII 12, "NC A&T Foundation: Former employee charged with embezzlement," May 29, 2014