Fraud and Highest Embezzlement Case

defalcation Attempting to Find the Easy port Out Name School Envy and esurience has existed since the beginning of time. Maybe we be born with those traits or maybe we are taught through lifes lessons. The rich are perceived as having a carefree un-stress-filled life. The reality shows and untesteds stories of the pie-eyed purchasing yachts, taking lavish vacations with their Barbie doll mate, summer homes that are actu anyy castles and extravagant parties. The rest of the world seems to be the servants of the wealthy. How can society not be grabby or greedy to obtain what the few select in their life?Part of society is happy with their position in life just organism sufficient to pay the bills, and take care of their family is what drives them. However, the opposite part of society wonder, How have some individuals been empower with m angiotensin-converting enzymetary wealth? , and their resentment builds. The Get replete synopsiss are created. The individuals trying to light up the quick gimp will pressure their friends and family into buying the Mary Kay, Tupperware, or lending specie to place bets on lark games or a free rein weekend at the casino. All this under the assumption that they will make a great deal of coin, and earn the appraise of the wealthy elite.The most well know mark of money schemes is stealment. An understanding definition of embezzlement comes from worldwide Legal Resources it advances Embezzlement is a criminal criminal offense which involves the ambidextrous and secret misappropriation of money or assets by an hop onnt to who the prudishty has been entrusted. This occurs when a person obtains possession of the exhaustivelys or money in legal, proper manner, save whence appropriates them for his/her use with forth the rightful owners permission. Six (6) instances of embezzlement stand out in Modern day History.The first subject field is about Yasuyoshi Kato in 1997 who managed to steal $132 million from Day-Lee Foods, Inc. of Santa Fe Springs, California. At the time, Yasuyoshi was the Chief pecuniary Offer of Day-Lee Foods. He managed to keep the game up for six (6) historic period by fraud and forged checks. Yasuyoshi, a Japanese citizen, wrote checks to himself and his wife, from the various companies accounts over the six (6) long time. He steady was so arrogant that he took out marge loans under the lodges name and manipulated the score books to cover the theft. Yasuyoshi bought umerous luxuriousness homes, a citrus ranch, gift vehicles, unstable business ventures that failed, jewelry and extraordinary animals. He blamed his wife in court on the reasoning on why he performed the embezzlement. Stating she was constantly unsatisfied. Yasuyoshi was rase so ignorant that when he was asked where the money was coming from, he utter he was a secret inventor of Nintendo. In 1997, Yasuyoshi Kato plead blamable to six felony counts. They ranged from mail fraud (Statute 18 U. S. C. region 1341) to wire fraud (Statute 18 U. S. C. Section 1343).In the end, he was sentenced to 63 months in a federal state prison and an additional five courses of probation. This was the uttermost sentencing at this time. (Marquet, 2010) The second largest case of embezzlement was sarin Beesmyer of Guarantee Building & loan Association of Hollywood, California. He was found guilty in December of 1930 (Statute 18 U. S. C. Section 981), and duration of the fraud is unknown but assumed to be less than one year. Beesemyer was able to steal the equivalent of $100 million in 2010 dollars using his position indoors the follow as the founder, general secretary and manager.The Guarantee Building and Loan Association went broke because of Beesemyers actions. He take the money in form of overdraft penalties, and repeatedly stated he planned to repay the money. Even though he was sentenced to 10 to 100 years to the San Quentin prison, he was released under parole in 1940. T he community that had invested in Beesemyers slang was destroyed. Businesses failed, 2,500 families went broke, individuals went to asylums and thirty committed suicide. In the end, Beesemyer was able to live his life out to the fullest at age 97 in Balti more than Maryland. Marquet, 2010) Ricardo Carrasco, a Uruguayan national, was able to embezzle $97. 7 million from the BankBoston corp located in Boston Massachusetts. As the identical as the Beesemyers case, officials were unable to determine the length of the fraud. He was uncovered in 1998 at the age of 41. Yet, Carrasco suspected that the bank officials finally caught on to him, so he went into hiding. Carrasco started his association with the BankBoston Corp in 1977 at the Uruguayan branch. In 1998, the bank transferred him the Boston location. Carrasco kill fraudulent loans to an Oldemar Laborda in Argentina.Oldemar Laborda has been known for having a super suspicious past. The FDIC ordered Carrasco to repay $73 million . The bank wrote off $66 million and even offered a $10,000 reward for information leading to his arrest. But to this day, he remains a fugitive. (Marquet, 2010) The Chief Operating military officer of Tenens Corp. , dba Essex Street Associates of Beverly Massachusetts embezzled for seven years the sum total of $72. 3 million. John Doorly started with the company as a clerk, and with hard work, was able to rise to the chief financial officer position. The clients trusted him, the company trusted him.In the seven years, he transferred assets from the clients trust accounts to his own personalised accounts. Doorly established personal doctrine cards that the company unknowing paying for. He even overcharged clients in the excess of $61 million for his ser transgressions and so-called expenses on over-seeing their accounts. Doorly worn out(p) the money on gifts for his wife and mistress, and apartment for his son, vehicles, travel, airplanes and legion(predicate) failed business ventures. He forged the statements that were mailed to the clients, and even went as far as to deceive the impertinent canvasors.Doorlys new assistant, Kim Borans, was the one who found irregularities in the accounts. She immediately went to one of the officers of Tenens Corp to report her findings and skepticism of embezzlement. Doorly was fired and a forensic internal audit was conducted of his accounts. On March 201, Doorly was sentenced to 17-1/2 years to a federal prison. (Marquet, 2010) The fifth soaringest embezzlement case is Ausuf Umar Siddiqui, the vice president of Merchandising and Operations of Frys Electronics located in San Jose, California. He pled guilty of seller fraud and kickbacks in the theft of $69 million.The scheme began in January 2005 and ended when he was finally caught in November 2008. Siddiqui had a base fee of $225,000 a year and was the supervisor of 120 employees in purchasing discussion section. His department was responsible for purchasing me rchandise on all Frys 34 locations. Siddiqui even went as far is to set-up a dummy vendor where he could embezzle the money. He stole the money to converge his gambling habit and the need to live the high life. At the time Siddiqui was caught he was being sued by three casinos, Planet Hollywood, Palms Casino and Trump Taj Mahal, for nifty debt on gambling.Venetian Resort and Casino in Las Vegas inform that he gambled $17. 9 million dollars with them alone. An investigation showed that his gambling debt over a ten-year period is approximately $167 million. (Marquet, 2010) A case the hits close to home is the Koss Corporation. Sjuata Sachdeva was the Chief Financial Officer of Koss Corporation located in Milwaukee Wisconsin. She began her passage with the company as a temporary worker, and within one year was promoted to vice president of finance. everyplace a span of twelve years, Sachdeva was able to embezzle $40. million by fraudulent funds transfers. She okay at least 204 wi re transfers of funds from the company bank accounts to her personal American Express credit card. Also, Sachdeva issued more than 500 cashiers checks from the companys accounts to pay for personal lavish expenses. On top of this, she informed other Koss employees to make fraudulent entries into the companys books to conceal her theft. The theft was whole caught after American Express notified Koss of unusally high playscript of large transactions.Sachdeva used her illegally obtained money for a vacation home in Hawaii, a new Mercedes Benz, luxury travel, furs, designer shoes, art and jewelry. She had purchased some some(prenominal) items that she had two storage containers rented in Milwaukee. During the investigation, some luxury stores come forward stating that she had purchased items ans asked the store to chequer the item for her until she came and picked it up. However, she never showed up. Sachdeva even had enough typeface to hold various fundraisers to flaunt her wealth in hopes of joining the socialate circle of Milwaukee.The Board of Trustees of Cardinal Stritch University was so impressed with her that she was offered a position to sit on their board. To cover her theft, Sachdeva informed her friends that her husband, a pediatrician, do a couple million a year, and she made tho half a million and they both came from wealthy Indian families. On Sachdevas sentencing day she made a statement of, I stand in advance you today truly remorseful. You have been my family, my friends, and my co-workers for many years. I know you have been deeply hurt by my dishonesty in ways that I never intended. For eleven years she will sit in prison for her greed and envy. (Marquet, 2010) In every case examined, the US Code that has been violated is Chapter 31 Embezzlement and theft. Twenty-nine Sections of the Code have been created to cover every type of theft from public money, property or records to major theft of livestock. The state sentencing of embezzlemen t ranges anywhere from 45 months for felonies, six months for misdemeanors or 38 months of probation and including refund of money and fines.The sentencing is determined by the monetary amount that is stolen. (US Code) The Federal Government oversees accusations of embezzlement for public agencies, banks, US courts, credit agencies and any program that received money from the Federal Government. Yet, Federal punishment is anywhere among two years to 30 years in prison. However, if the dollar amount of the embezzlement is less than $1000, then the sentence will be less than one year with a fine of only $1000. (Embezzlement Cases) sight always are caught when it comes to greed and envy.The embezzlers keep stealing thinking they are good enough to keep getting away with it, or maybe it is the lavish lifestyle that blinds them to the consequences. Why are the not happy with the large amount of salary that they receive as income from their careers? It is always more and more until th ey sit behind metal bars with postal code but a prison issued jumpsuit and a boyfriend named Butch. References Country. (n. d. ). Embezzlement Law. Lawyers, Attorneys, Law Firms A Find Legal Information. Retrieved April 20, 2012, from http//www. g. org/embezzlement. html Embezzlement Cases. (n. d. ). argue your rights in the criminal justice system. Retrieved April 20, 2012, from http//www. defending. com/embezzlement-cases Marquet, C. (n. d. ). The Top 10 Embezzlement Cases in Modern US History. Marquet International. Retrieved April 20, 2012, from www. marquetinternational. com/pdf/top_10_embezzlement_cases_in_us_history. pdf US Code Chapter 31 Embezzlement and theft. (n. d. ). US Code. Retrieved April 20, 2012, from http//codes. lp. findlaw. com/uscode/18/I/31