Understanding Fraud and Embezzlement Crime
Fraud is the use of deception for unlawful gain or unjust advantage. It can also be described as engaging in wrong or illegal activities with the intention of gaining undue or illegitimate advantage over another. Embezzlement is a specific type of financial fraud where an individual steals money or property from an employer, company, clients, customers, or even partners. It also includes misappropriating money or assets held in trust.
MCI WorldCom gained notoriety for a massive accounting scandal that resulted from fraudulent accounting methods. CEO Bernard Ebbers was ultimately convicted of fraud and conspiracy and is serving a 25-year prison sentence. He helped grow the business that ultimately became ...
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