Embezzlement, also known as employee theft or financial fraud, is a serious white-collar crime involving misappropriating funds or property by someone in a position of trust. In New Jersey, embezzlement is a criminal offense that carries severe penalties.
New Jersey has specific laws and statutes that govern embezzlement and the potential penalties for this crime. Under New Jersey law, embezzlement is considered a form of theft and is subject to the same penalties as other forms.
Factors that impact embezzlement penalties
The severity of the penalty for embezzlement in New Jersey will depend on several factors, including the value of the property or funds stolen and the defendant’s criminal history. The penalties for embezzlement in New Jersey are divided into four categories: first degree, second degree, third degree, and fourth degree.
- First degree embezzlement: First degree embezzlement is the most serious form of embezzlement and is punishable by up to 20 years in prison and fines of up to $200,000. This charge applies if the value of the stolen property or funds exceeds $500,000.
- Second degree embezzlement: Second degree embezzlement is punishable by up to 10 years in prison and fines of up to $150,000. This charge applies if the value of the stolen property or funds is between $75,000 and $500,000.
- Third degree embezzlement: Third degree embezzlement is punishable by up to 5 years in prison and fines of up to $15,000. This charge applies if the value of the stolen property or funds is between $500 and $75,000.
- Fourth degree embezzlement: Fourth degree embezzlement is punishable by up to 18 months in prison and fines of up to $10,000. This charge applies if the value of the stolen property or funds is less than $500.
It’s worth noting that these penalties are not exclusive, and a defendant may be charged with multiple counts of embezzlement or other crimes. The potential penalties can quickly add up in such cases.
The potential penalties for embezzlement in New Jersey are severe and should not be taken lightly. If you or someone you know has been accused of embezzlement, it is important to know your legal rights.