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Peculation
Embezzlement (from Anglo-Norman, from Old French ''besillier'' ("to torment, etc."), of unknown origin) is a type of financial crime, usually involving theft of money from a business or employer. It often involves a trusted individual taking advantage of their position to steal funds or assets, most commonly over a period of time. Versus larceny Embezzlement is not always a form of theft or an act of stealing ''per se'', since those definitions specifically deal with taking something that does not belong to the perpetrators. Instead, embezzlement is, more generically, an act of deceitfully secreting assets by one or more persons that have been ''entrusted'' with such assets. The persons entrusted with such assets may or may not have an ownership stake in such assets. Embezzlement differs from larceny in three ways. First, in embezzlement, an actual '' conversion'' must occur; second, the original taking must not be trespassory, and third, in penalties. To say that the tak ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Larceny
Larceny is a crime involving the unlawful taking or theft of the personal property of another person or business. It was an offence under the common law of England and became an offence in jurisdictions which incorporated the common law of England into their own law (also statutory law), where in many cases it remains in force. The crime of larceny has been abolished in England, Wales, Ireland, and Northern Ireland, broken up into the specific crimes of burglary, robbery, fraud, theft, and related crimes. However, larceny remains an offence in parts of the United States, Jersey, and in New South Wales, Australia, involving the taking (caption) and carrying away (asportation) of personal property without the owner's consent and without intending to return it. Etymology The word "larceny" is a late Middle English word, from the French word ''larcin'', "theft". Its probable Latin root is ''latrocinium'', a derivative of ''latro'', "robber" (originally mercenary). By nation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anglo-Norman Language
Anglo-Norman (; ), also known as Anglo-Norman French, was a dialect of Old Norman that was used in Kingdom of England, England and, to a lesser extent, other places in Great Britain and Ireland during the Anglo-Normans, Anglo-Norman period. Origin The term "Anglo-Norman" harks back to the time when the language was regarded as being primarily the regional dialect of the Norman settlers. Today the generic term "Anglo-French" is used instead to reflect not only the broader origin of the settlers who came with William the Conqueror, but also the continued influence of Parisian French from the House of Plantagenet, Plantagenet period onwards. According to some linguists, the name Insular French might be more suitable, because "Anglo-Norman" is constantly associated with the notion of a mixed language based on English and Norman. According to some, such a mixed language never existed. Other sources, however, indicate that such a language did exist, and that it was the language desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Skimming (fraud)
A form of white-collar crime, skimming is taking cash "off the top" of the daily receipts of a business (or from any cash transaction involving a third interested party) and officially reporting a lower total. The formal legal term is defalcation. Examples A skimming crime may be simple tax evasion: the owner of a business may fail to "ring up" a transaction and pocket the cash, thus converting a customer's payment directly to the owner's personal use without accounting for the profit, thereby the owner avoids paying either business or personal income taxes on it. A famous example of this crime occurred at Studio 54 discotheque, which was forced to close as a result. Skimming may additionally be the direct theft of cash; in addition to hiding it from tax authorities, the perpetrator hides the taking from an employer (embezzlement), business partners, or shareholders. A large-scale allegation of this kind has been levelled at Satyam Computer Services concerning the billion d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Criminal Conversion
Criminal conversion is a crime, limited to parts of common law systems outside England and Wales, of exerting unauthorized use or control of someone else's property, at a minimum personal property, but in some jurisdictions also applying to types of real property, such as land (to squatting or holding over) or to patents, design rights and trademarks. It differs from theft in that it does not include the element of intending to deprive the owner of permanent possession of that property. As such, it is a lesser offense than the crime of theft. Criminal conversion specifies a type of conversion in that it involves criminal law, not civil law. An example might be tapping someone's secured wireless LAN or public utility line (which could also amount to theft of services). Another example might be taking a joy ride in a car, never intending to keep it from the owner. Some have redefined such conduct as a specific type of theft, or another offence such as taking without owner's c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statutory Law
A statute is a law or formal written enactment of a legislature. Statutes typically declare, command or prohibit something. Statutes are distinguished from court law and unwritten law (also known as common law) in that they are the expressed will of a legislative body, whether that be on the behalf of a country, state or province, county, municipality, or so on. Depending on the legal system, a statute may also be referred to as an "act." Etymology The word appears in use in English as early as the 14th century. "Statute" and earlier English spellings were derived from the Old French words ''statut'', ''estatut'', ''estatu,'' meaning "(royal) promulgation, (legal) statute." These terms were in turn derived from the Late Latin ''statutum,'' meaning "a law, decree." Publication and organization In virtually all countries, newly enacted statutes are published and distributed so that everyone can look up the statutory law. This can be done in the form of a government gazette, wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theft Act 1968
The Theft Act 1968 (c. 60) is an act of the Parliament of the United Kingdom. It creates a number of offences against property in England and Wales. On 15 January 2007 the Fraud Act 2006 came into force, redefining most of the offences of deception. History The act resulted from the efforts of the Criminal Law Revision Committee to reform the English law of theft. The Larceny Act 1916 ( 6 & 7 Geo. 5. c. 50) had codified the common law, including larceny itself, but it remained a complex web of offences. The intention of the Theft Act 1968 was to replace the existing law of larceny and other deception-related offences, by a single enactment, creating a more coherent body of principles that would allow the law to evolve to meet new situations. Provisions A number of greatly simplifiedor at least less complicatedoffences were created. Section 1 – Basic definition of "theft" This section creates the offence of theft. This definition is supplemented by sections 2 to 6. The ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Larceny Act 1916
The Larceny Act 1916 ( 6 & 7 Geo. 5. c. 50) was an act of the Parliament of the United Kingdom. Its purpose was to consolidate and simplify the law relating to larceny triable on indictment and to kindred offences. The definition of larceny for the purposes of the act was "a person steals who, without the consent of the owner, fraudulently and without a claim of right made in good faith; takes and carries away anything capable of being stolen, with the intent at the time of such taking, permanently to deprive the owner thereof. Provided that a person may be guilty of stealing any such thing notwithstanding that he has lawful possession thereof, if, being a bailee or part owner thereof, he fraudulently converts the same to his own use or the use of any person other than the owner". Provisions Section 23 provided maximum penalties for a number of offences of robbery and aggravated robbery. Section 24 created the offence of sacrilege. Section 25 created the offence of burgl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Separation Of Duties
Separation of duties (SoD), also known as segregation of duties, is the concept of having more than one person required to complete a task. It is an administrative control used by organisations to prevent fraud, sabotage, theft, misuse of information, and other security compromises. In the political realm, it is known as the separation of powers, as can be seen in democracies where the government is separated into three independent branches: a legislature, an executive, and a judiciary. General description Separation of duties is a key concept of internal controls. Increased protection from fraud and errors must be balanced with the increased cost/effort required. In essence, SoD implements an appropriate level of checks and balances upon the activities of individuals. R. A. Botha and J. H. P. Eloff in the ''IBM Systems Journal'' describe SoD as follows. Separation of duty, as a security principle, has as its primary objective the prevention of fraud and errors. This objective ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Internal Control
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization. It is a means by which an organization's resources are directed, monitored, and measured. It plays an important role in detecting and preventing fraud and protecting the organization's resources, both physical (e.g., machinery and property) and intangible (e.g., reputation or intellectual property such as trademarks). At the organizational level, internal control objectives relate to the reliability of financial reporting, timely feedback on the achievement of operational or strategic goals, and compliance with laws and regulations. At the specific transaction level, internal controls refers to the actions taken to achieve a specific objective (e.g., h ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Madoff Investment Scandal
The Madoff investment scandal was a major case of stock and securities fraud discovered in late 2008. In December of that year, Bernie Madoff, the former Nasdaq chairman and founder of the Wall Street firm Bernard L. Madoff Investment Securities LLC, admitted that the wealth management arm of his business was an elaborate multi-billion-dollar Ponzi scheme. Madoff founded Bernard L. Madoff Investment Securities LLC in 1960, and was its chairman until his arrest. The firm employed Madoff's brother Peter Madoff, Peter as senior managing director and chief compliance officer, Peter's daughter Shana Madoff as rules and compliance officer and attorney, and Madoff's sons Mark Madoff, Mark and Andrew Madoff, Andrew. Peter was sentenced to 10 years in prison, and Mark died by suicide two years to the day after his father's arrest. Alerted by Madoff's sons, federal authorities arrested Madoff on December 11, 2008. On March 12, 2009, Madoff pleaded guilty to 11 federal crimes and admitted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ponzi Scheme
A Ponzi scheme (, ) is a form of fraud that lures investors and pays Profit (accounting), profits to earlier investors with Funding, funds from more recent investors. Named after Italians, Italian confidence artist Charles Ponzi, this type of scheme misleads investors by either falsely suggesting that profits are derived from legitimate business activities (whereas the business activities are non-existent), or by exaggerating the extent and profitability of the legitimate business activities, leveraging new investments to fabricate or supplement these profits. A Ponzi scheme can maintain the illusion of a sustainable business as long as investors continue to contribute new funds, and as long as most of the investors do not demand full repayment or lose faith in the non-existent assets they are purported to own. Some of the first recorded incidents to meet the modern definition of the Ponzi scheme were carried out from 1869 to 1872 by Adele Spitzeder in German Empire, Germany and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Register
A cash register, sometimes called a till or automated money handling system, is a mechanical or electronic device for registering and calculating transactions at a point of sale. It is usually attached to a Cash register#Cash drawer, drawer for storing cash and other valuables. A modern cash register is usually attached to a printer that can print out receipts for record-keeping purposes. History An early mechanical cash register was invented by James Ritty and John Birch following the American Civil War. James was the owner of a Bar (establishment), saloon in Dayton, Ohio, Dayton, Ohio, US, and wanted to stop employees from pilfering his profits. The Ritty Model I was invented in 1879 after seeing a tool that counted the revolutions of the propeller on a steamship. With the help of James' brother John Ritty, they patented it in 1879. It was called ''Ritty's Incorruptible Cashier'' and it was invented to stop cashiers from pilfering and eliminate employee theft and embezzlemen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
