When Do You Go to Prison for Embezzlement?

 Posted on November 15, 2024 in Criminal Defense

Embezzlement is a form of white-collar crime that is punished severely by federal law. A person who is convicted of embezzling money can be sentenced to lengthy prison time and fines. Facing federal embezzlement charges can be a frightening experience, but hiring an aggressive Illinois federal embezzlement defense attorney to represent you is a great way to defend yourself against such accusations. Understanding what embezzlement is, how it is prosecuted, and when you can go to prison for federal embezzlement is a crucial first step toward building a defense.

What Is Embezzlement?

Embezzlement is when a person who has authorized access to funds or assets misuses them for personal gain or fraudulent purposes. It is a common type of corporate fraud, where executives in large corporations sometimes "redirect" company funds for other uses. For example, a chief financial officer who has access to the company’s finances and uses them to buy himself a luxurious home while billing it as "local headquarters" could be charged with embezzlement.

If federal assets are embezzled or if the crime involves more than one state, it becomes a federal crime. For example, if money was embezzled from a company with branches in multiple states, it would likely fall under federal jurisdiction.

What Are the Penalties for Embezzlement?

According to the federal embezzlement statute, a person who is charged with this offense can face a federal embezzlement sentence of up to 10 years in prison and a fine of $250,000 if public funds were involved. Embezzlement of less than $1,000 can carry jail time of up to one year.

How Is Embezzlement Prosecuted?

The federal embezzlement statute of limitations is ten years, which means the government has ten years to prosecute someone after he or she commits the crime.

The prosecution process involves these steps:

• Investigation: An investigation is triggered by allegations of embezzlement. Investigators gather evidence by conducting audits, reviewing financial documents, collecting witness testimony, scrutinizing email communications, and more. Forensic accountants and other financial experts are sometimes brought in to examine financial records.

• Charges filed: The evidence is given to federal prosecutors to review. If there is enough proof to support an embezzlement charge, the prosecutor files formal charges against the defendant.

• Summons or arrest: The defendant is summoned to appear in court. If the amount of embezzled funds is high or if the defendant is considered a flight risk, the defendant may be arrested.

• Pre-trial proceedings: The defendant is brought before a judge for arraignment, where the court decides whether to grant bail and in what amount. In the discovery phase, the prosecution and the defense exchange evidence and witness information and prepare their arguments for trial. Each side may file several motions with the court to help their case.

• Trial: If the embezzlement was charged as a felony, both sides select a jury. The prosecution and defense take turns arguing the case in court, cross-examining witnesses, and presenting evidence. Once closing arguments are made, the jury deliberates whether the defendant is guilty or innocent. A guilty verdict can only be reached if all jurors agree based on the evidence that the defendant is guilty beyond a reasonable doubt.

• Sentencing: If the jury returns a guilty verdict, a hearing is scheduled where a judge will sentence the defendant. If the judge orders prison time during the sentencing hearing, the defendant will either be taken to prison immediately or given a date to appear at a correction facility.

Contact an Illinois Federal Embezzlement Defense Attorney

At Law Offices of Hal M. Garfinkel LLC, Chicago Criminal Defense Attorney, we are highly experienced not only in criminal defense but also in prosecution. We know how the prosecution process works and how best to defend against embezzlement charges. Let us prepare a personalized legal strategy to protect your rights. Schedule a free consultation with a Chicago, IL federal embezzlement defense lawyer today by calling 312-629-0669 now.