With great power comes great responsibility. High-ranking employees within any company are granted considerable authority over various matters. As a result, they are held to a higher standard, and penalties for failing to fulfill their obligations tend to be harsher.
Just recently, a former vice president and COO of a bank recently pled guilty to embezzling more than $550,000. It’s possible that she will face a 33-year prison sentence.
Uncovering improper activity
According to reports, auditors uncovered three areas of unlawful transactions involving the former bank vice president, from incorrect payments and expense reimbursements to incorrect insurance premiums. She used three bank accounts to funnel false reimbursements and comp time disbursements to herself.
The illegally acquired funds were spent on shopping and other regular debit card purchases. She also admitted to failing to disclose the amount she embezzled from the bank on three years’ worth of federal income taxes.
The harsh consequences of embezzling funds
According to federal law, the bank VP faces up to 33 years in federal prison without the possibility of parole. However, the final sentencing is still to be determined by the court.
In Florida, embezzlement is tried under property theft laws. Stealing property worth over $100,000 is a first-degree felony punishable by up to 30 years in prison, 30 years in probation and a fine of up to $10,000.
Such cases highlight the severe repercussions associated with embezzlement and similar offenses. Moreover, the combination of fear, shame and powerlessness that results from being in such a predicament can be paralyzing.
Anyone else facing charges like this would benefit from speaking with an attorney. An embezzlement charge can severely affect someone’s livelihood, and many of those convicted have had to change careers. Finding a competent attorney who can go the extra mile to safeguard their client’s interests and build a strong defense is crucial.