request
X

FREE CONSULTATION

Thank you for your interest in The Law Offices of Andrew M. Weisberg. Please fill out the form below and we will be in touch soon
  • This field is for validation purposes and should be left unchanged.

*Indicates Required Fields

bbb-rating

Call Today for a FREE CONSULTATION

SE HABLA ESPAÑOL

(773) 908-9811

AVAILABLE 24 HOURS/7 DAYS

menu

X

request

(773) 908-9811

AVAILABLE 24 HOURS/7 DAYS

FOLLOW US:

Aggressive. Experienced.

Chicago Criminal Defense Attorney
Former Cook County Felony Prosecutor

blog_homeBlog Home

Ten Indicted for $23 Million Chicago Bank Embezzlement

In Illinois, you can face some stiff charges if accused of embezzlement. One of the most common forms of white-collar crime, embezzlement often makes headlines when it happens.

A great example is the recent indictment of several defendants who are alleged to have participated in embezzlement at a Chicago bank. These defendants, one of whom was the bank’s former Vice President, were accused of embezzling over $23 million. While an indictment is not a guilty verdict, it does point to some serious crimes that may have been perpetrated.

What is embezzlement, and what happens if you’re charged and found guilty in Illinois? Read on to find out.

White-Collar Crime: What Is It?

The FBI defines white-collar crime as crime committed for financial gain. Common elements are violation of trust, deceit, or concealment. White collar criminals are generally motivated by the desire to gain or retain money, services, or property. Likewise, the motive could be securing an unethical upper hand in business or personal matters.

Some of the most common white-collar crimes include fraud, money laundering – and embezzlement.

What Is Embezzlement?

Illinois law defines embezzlement as a type of property theft. It can be charged as a state or federal crime, but it depends on the facts of the case.

The state charges embezzlement under theft statutes. It’s committed when a person exerts or obtains authority over property that is not authorized, and they intend to permanently deprive the owner of the benefit or use of that property. Embezzlement often occurs in concealed deception.

What makes embezzlement different from theft is access to the property. In embezzlement cases, defendants do have legal access to the property, but they do not own it. Instead, they fraudulently appropriate property with which they’ve been entrusted.

It’s a very serious charge. When confronted with embezzlement charges, it’s in your best interest to secure a lawyer as quickly as possible.

The Penalties for Embezzlement in Illinois

The penalties in Illinois are based on the value of the property that was embezzled. It should be noted that penalties are enhanced if the embezzlement involved a place of worship, school, or government property.

Value Less Than $500

This is a Class A misdemeanor, punishable by up to 12 months in prison and fines of $2,500.

Between $500 and $1000

A Class 3 felony, the punishment for this level risks five years behind bars and fines in the amount of $25,000.

$10,000 to $100,000

A Class 2 felony, this is punishable by up to seven years in prison and fines for $25,000.

$100,000 to $500,000

As a Class 1 felony, anyone convicted for this level of embezzlement can be sentenced to 15 years behind bars and fined $25,000.

$500,000 to $1 Million

A Class 1 felony that isn’t eligible for probation, you can face up to 15 years in prison and be responsible for fines as high as $25,000.

Chicago Embezzlement Attorney

More Than $1 Million

This is a Class X felony, which is grave in Illinois. You may be sentenced to 30 years in prison and be required to pay fines of $25,000.

 

About the Author:

Andrew M. Weisberg is a former felony prosecutor who now serves as a defense attorney in the greater Chicago area. He has extensive experience in handling all types of criminal cases, from sex offenses and domestic violence to retail theft-related crimes, murder, and drug crimes. His work has been recognized by Avvo, Expertise, National Trial Lawyers, and others, and he has been featured on countless news outlets for his experience and knowledge in criminal law.

 

 

 

 

Our Blog

Charged With IL Assault? You Have Rights

Assault

Criminal defendants, no matter what crimes they are charged with, have rights in the United States. These rights are protected by the United States Constitution. The problem is, not everyone who is accused of a crime like assault in Illinois takes full advantage of these rights – which is why your attorney is here to help.

What does the state of Illinois consider assault, and what rights do you have if you are accused? These are questions to which every [...]

New Year, New Domestic Violence Charges in IL?

Domestic Battery | Domestic Violence

As far as the state of Illinois is concerned, the family unit needs to be protected. Therefore, when violence erupts between people who share a particular relationship in the state, it’s a crime that is taken very seriously.

Domestic violence is an issue that the state of Illinois has enacted laws in an attempt to curb its occurrence. Being found guilty once of a crime of domestic violence can cause you legal problems, but continuing to have issues in the [...]

Law Offices of Andrew Weisberg