Physical Theft In The Workplace
By Steve Lee, Managing Director
www.stevelee.com
www.stevelee.com
September 15, 2009...What are the components of physical theft effecting enterprises? We're talking about larceny, embezzlement and misapplication. Black's Law Dictionary defines "larceny" as the "felonious stealing, taking and carrying...away another's personal property with intent to convert it or deprive the owner thereof." When an employee or another person unlawfully converts or removes one's property for his own benefit, the crime is embezzlement. When it's done for the benefit of someone other than the wrongdoer, it is misapplication. In all cases, it's theft.
While cash theft schemes occur three times more often than non-cash (inventory and other assets) theft schemes there is still plenty to talk about with these non-cash theft schemes.
