Embezzlement is a serious crime that can result in severe penalties, including fines, imprisonment, and other consequences. If you have been charged with embezzlement in New York, it is important to understand the potential penalties you may face. The penalties for embezzlement in New York vary depending on the amount of money involved and other factors. In this article, Eastcoastlaws.com will explore what embezzlement is, the different types of embezzlement in New York, and the penalties associated with each type. By understanding the potential consequences of embezzlement, you can take steps to protect yourself and work toward a positive outcome in your case.
Degrees Of The Charge Of Embezzlement In New York
If a person is stealing more than $1,000, the crime is a fourth-degree grand larceny. Such a charge carries between one-third and four years in prison. It is classified as a Class E felony.
The crime is a Class D felony punishable by between two and third and seven years in prison if the amount of money is over $3,000 but under $50,000.
If a person steals over $1,000,000, they will be charged with grand larceny in the first degree. This is a Class B felony, punishable by between eight and third to 24 years in jail. This is among the most severe type of embezzlement charges in New York City.
Possessing Stolen Property
On the other hand, in New York, possession of that stolen property is also considered a form of embezzlement. Stolen property, in the embezzlement context, is money. Even if the person does not currently have all the money in their bank account, or the embezzlement has lasted over the course of a few years, the crime will be aggregated.
The person may have committed numerous separate offenses, but the actual larceny and theft may have been combined. For example, if the person has six thefts of $10,000, the crime would not be charged as six Class D felonies, but instead, one Class C felony, because the person stole more than $50,000.
At the same time, there could be six counts each of forgery in the second degree, and falsifying business records in the first degree. These are class D and E felonies respectively.
The person is not required to physically possess the money in order to be charged with the crime, regardless of whether it is in cash and is present in the person’s home, apartment, or car. The monies are accumulated over the duration of the behavior.
Falsifying Business Records
Another type of crime that is part of an embezzlement charge in New York is falsifying business records in the first degree. That occurs when a person alters the records of a business or an enterprise, or if they are deleting or erasing records.
The charge could also present itself if the person fails to make an entry in the records and has the intent to commit another crime while committing such an act, like theft or larceny.
If the person is trying to conceal that they are stealing or is trying to further their theft, it is a felony. This is a first-degree falsifying business records charge and is a Class E felony. Such a charge is punishable by between one and third to four years in prison for each altered or falsified business record.