Maine Misapplication or Embezzlement of Bank Funds, 18 U.S.C. Sec. 656, is a federal crime that covers the illegal use of money or funds held by a financial institution such as a bank. This law applies to any person who embezzles, abstracts, or misapplies funds or property under their control or custody. It also includes anyone who willfully misapplies or attempts to misapply funds held by a bank or other financial institution. There are two types of Maine Misapplication or Embezzlement of Bank Funds, 18 U.S.C. Sec. 656: (1) misapplication of bank funds; and (2) embezzlement of bank funds. Misapplication of bank funds occurs when an individual uses funds held by a bank for purposes other than what was intended. Embezzlement of bank funds involves the unauthorized use of bank funds for personal gain. Both types of Maine Misapplication or Embezzlement of Bank Funds, 18 U.S.C. Sec. 656, are considered federal crimes and are punishable by up to five years in prison and/or a fine of up to $250,000.
Maine Misapplication or Embezzlement of Bank Funds, 18 U.S.C. Sec. 656
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FAQ
In law, misappropriation may be defined as "the unauthorized, improper, or unlawful use of funds or other property for purposes other than that for which intended." Misappropriation commonly refers to situations in which the offending party has an added measure of responsibility, such as misconduct by a public
The act of bringing something to bear; using it for a particular purpose. the fraudulent appropriation of funds or property entrusted to your care but actually owned by someone else. synonyms: defalcation, embezzlement, misappropriation, peculation. types: raid. an attempt by speculators to defraud investors.
The purpose of 18 U.S.C. §§ 656 and 657 is to preserve and protect the assets of banks having a Federal relationship.
121. Larceny and wrongful appropriation. with intent temporarily to deprive or defraud another person of the use and benefit of property or to appropriate it to his own use or the use of any person other than the owner, is guilty of wrongful appropriation.
In some situations, the would-be thief already has possession of the money because the owner has entrusted him with it. If that person uses the money for his own purposes, this is known as misappropriation of funds.
"Willfully misapply" requires proof of two things: wrongful use of the bank's funds, and intent to injure or defraud the bank. To "defraud" means to cause the bank, through consciously dishonest means, to part with its funds.
Under 18 U.S.C. Section 2113, bank theft whether through force or other means is punishable by fines and federal prison time. The penalties for bank theft vary widely depending on the nature of the crime, the amount stolen, and whether anyone was injured or threatened in the process of the crime.
While many people are familiar with the term embezzlement, less are aware of what misappropriation of funds means. While both offenses hinge on the unlawful use of another person's assets, usually in a business setting, misappropriation of funds refers to embezzlement of money only, and not other forms of property.