Protect Yourself From The Nightmare Of Embezzlement

Embezzlement is committed when a person wrongfully appropriates funds or belongings that are entrusted in their care but which are owned by another person. Embezzlement by employees is one of the most common scenarios but anyone who has any fiduciary responsibility can also be charged.
No one wants to believe it will happen to them but the truth is, financial crimes happen all the time. Unfortunately, sometimes when it happens, innocent individuals may find themselves facing criminal charges. Whether you have been embezzled or you have been falsely arrested for embezzlement, you are going to need an experienced criminal defense attorney to fight for you. 

The Best Way To Protect Yourself

Why wait till something happens? The best way to protect yourself against any kind of fraud or theft is to put measures in place that will effectively minimize the opportunities available for embezzlement.
The most effective thing you can do to protect yourself from becoming an embezzlement victim is to evaluate the system you have in place. Are your finances being controlled by a team or is it the responsibility of just one person? If it is just one person, is there anyone auditing that individual regularly? When you give one employee exclusive control over the company’s bank statements and financial records, the chances of being embezzled increases manifold, simply because the opportunity exists and the temptation proves irresistible. Appropriate checks and balances are recommended for all systems.

Recognize The Signs Of Embezzlement

There are several indicators that could be possible signs that you are being embezzled. Here are a few things to look for:
• Sudden or gradual loss of business revenue that has no plausible explanation.
• Calls from bill collectors asking you to repay debts you aren’t even aware of.
• Employees in charge of company finances living way beyond their means.
• Employees in charge of company finances rarely using their time off to go away on vacation.
• Sudden listing of too many new vendors and accounts that you hadn’t been aware of or updated about.
Embezzlement, fraud and other white collar crimes such as money laundering can all have a negative effect on business. Being vigilant and taking the necessary steps to safeguard yourself are the best things you can do to protect your bottom line.