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Prison for Embezzlement from Family Business
Published on March 9th, 2011
Written by: dmatson
A man who embezzled almost $700,000 over a 6 year period is now sentenced to 1 year in a Maryland prison.
The defendant is said to have faked checks from his family sheet metal firm allegedly for legitimate expenses, and used the real checks for personal expenses, according to this news report.
Under Maryland fraud laws, he could have faced many more years in prison for theft of that much money. According to the article, the terms of the deal resulted in charged being dropped for related theft and embezzlement charges, in change for a guilty plea to a count of theft over $500.
As we have noted before, embezzlement by family members, while often surprising, is not as uncommon as one might think. While personal loyalty and familial connection would lead most people to believe that stealing from your father’s business would be less likely, the counterbalacing factors include:
- Ease of access
- Less Oversight for family members
- Sense of entitlement
It is always unfortunate when family disputes result in public criminal charges, but the impact on shareholders and employees who aren’t familiy members often can’t just be ignored.
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