Credit Union Under State Control after Employee Embezzles Funds

Credit Union Under State Control after Employee Embezzles Funds

Posted on:
February 16, 2016
Category
Criminal Defense
Posted By:
Share This Post:

Authorities announced that the state has taken control of a credit union whose 9,400 members were allegedly victimized by an area businessman. Authorities believe that the accused embezzled more than $20 million from the credit union while working as CFO for the Clarkston Brandon Community Credit Union (CBCCU). Investigators claim that the accused made several deposits from credit union accounts to several of his personal accounts. These accusations were confirmed when the accused confessed to the embezzlement charges. The accused may face more charges related to the embezzlement while law enforcement continues investigating the case.

Embezzlement is a crime of opportunity which is committed by someone in a position of trust.

The recession has caused financial hardship for many Michigan residents in Flint and beyond. The decline of the stock market, the housing crisis, and high unemployment have affected many people as they were trying to fund their retirements and college educations. If you have been accused of embezzlement, this article will help you understand how Michigan law handles this crime.

What is Embezzlement?

Embezzlement occurs when an individual in a position to handle money take or misuses property or money from the party that entrusted the money to him or her. Embezzlement can happen on a small scale, such as a cashier failing to ring up items for family and friends, or on a large scale, such as an accountant stealing money from a corporation. Under Michigan law, embezzlement can be a felony or a misdemeanor charge. Factors which help determine whether it is a felony or misdemeanor include:

  • The accused’s prior criminal record;
  • The fair market value of the property embezzled; and
  • Whether the funds or property was embezzled from a nonprofit organization.

What are the Penalties for Embezzlement?

In Michigan, an embezzlement conviction is punished based on the value of the property stolen.

  • Property or Money Valued at Less than $200. Penalties include up to 93 days in jail, a $500 fine, or both. If the accused embezzled from a charitable organization or has a prior theft-related conviction, the fine increases to $2,000 and a possible year in jail;
  • Property Valued at More than $20,000. Penalties include up to five years in prison, a  $10,000 fine, or both. If the accused embezzled from a nonprofit or has two or more prior theft related convictions, the fine increases to $15,000 and a possible 10 years in prison;
  • Property Valued at More than $20,000 but Less than $50,000. Penalties include up to 10 years in prison, a $50,000 fine, or both; and
  • Property Valued at More than $50,000 but Less than $100,000. Penalties include up to 15 years in prison, a $25,000 fine. or both.

Let a Flint Criminal Defense Attorney Help You

If you have been accused of embezzlement, then you should seek help from a criminal defense attorney at Nickola Law. We can review the facts of your case and develop a strategy to represent you. Contact us today to schedule a free phone consultation with our firm.

Disclaimer:

Nickola Law past results are not express or implied prediction of future success, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many factors, therefore, results will differ on a case-by-case basis. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of an attorney/client relationship. Testimonials are not a guarantee, warranty, or prediction of the outcome of your case.

*Personal Injury Only