8.41 Theft, Embezzlement or Misapplication of Bank Funds (18 U.S.C. Sec. 656) is a federal offense that covers any illegal taking, use, or mismanagement of funds from a bank or financial institution. This includes any actions that involve misappropriating funds, converting funds to personal use, or failing to maintain accurate records. The statute covers three distinct types of illegal activities: theft, embezzlement, and misapplication of bank funds. Theft is the taking of funds without permission or authorization. Embezzlement is the misappropriation of funds that were lawfully acquired, while misapplication of funds involves the unauthorized use or conversion of funds for personal gain. The punishment for violating this statute depends on the amount of funds taken and the criminal history of the accused. Penalties can include fines, imprisonment, and restitution to the bank.
8.41 Theft, Embezzlement or Misapplication of Bank Funds (18 U.S.C. Sec. 656)
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The bank fraud penalty varies depending on the exact charges the accused faces. But in general, punishment for bank fraud includes jail time and fines. For example, for an individual convicted of a state jail felony for forgery, the sentence could include up to 2 years in prison and up to $10,000 in fines.
When a person steals from a company, the person may be charged with theft, embezzlement, misappropriation, or breach of fiduciary duty. A criminal charge may be initiated against an employee or a civil lawsuit started by the business owner or partner.
If an individual steals money from a financial institution such as a bank or any other federal entity, then the offense is a federal offense. If an individual steals money from a private company or a state-funded entity, then the individual will be charged with a state offense.
"Willfully misapply" requires proof of two things: wrongful use of the bank's funds, and intent to injure or defraud the bank. To "defraud" means to cause the bank, through consciously dishonest means, to part with its funds.
Embezzlement Of Government Property -- 18 U.S.C. § 641.
Under 18 U.S.C. Section 2113, bank theft whether through force or other means is punishable by fines and federal prison time. The penalties for bank theft vary widely depending on the nature of the crime, the amount stolen, and whether anyone was injured or threatened in the process of the crime.
How Does Embezzlement Happen? Embezzlement occurs when an employee or business owner steals or misappropriates company funds. For example, an employee may accept payment for a transaction without placing funds in the company bank account. See the list below for more embezzlement examples.
The purpose of 18 U.S.C. §§ 656 and 657 is to preserve and protect the assets of banks having a Federal relationship.