Misappropriation of funds is the act of embezzlement or misuse for a reprehensible purpose; Misappropriation, a term that does not necessarily mean peculation, although it can mean that. The term may also include taking and using another person`s property for the sole purpose of diverting the owner`s goodwill and reputation.1 The purpose of this chapter is to provide an overview of the preferred target of professional fraudsters: the assets of the organization. Before defining assets, we should first learn what embezzlement is. According to Black`s Law Dictionary, the definition in Webster`s is a bit more precise: “unjustly appropriated (such as by theft or embezzlement).” 2 The misappropriation of funds for our purposes involves more than theft or embezzlement. This is the misuse of business assets for personal gain. Therefore, employees who use a company computer after work for their own secondary business did not steal an asset, but diverted it to their own advantage. Get Mark Richards` Software Architecture Patterns eBook to better understand how components are designed and how they should interact. Illegal withdrawal of money for unauthorized purposes. It is not a technical legal term, but it sometimes applies to the offence committed by a banker, postman, agent, trustee, etc. who fraudulently trades money, property, securities, etc. entrusted to him, or by a director or public official of a corporation or enterprise who fraudulently misappropriates any of his property. Steph.
Crim. Excavation. 257 et seq.; Sweet. And see Winchester v. Howard, 136 Cal. 432, 64 Pac. 692, 89 hours. Rep. 153; Frey v. Torrey, 70 App.
Div. 166, 75 N. Y. Supp. 40. In trading, the purpose of assets is to generate income. When a company produces oil, rigs, trucks, and even land are assets. If the company sells clothing, its products and storefronts are assets. Assets can be defined as “the likely future economic benefits arising from a.
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