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A former employee for the Social Security Administration is accused of abusing her position to steal $1.8 million in benefits over a 12-year span. ... Faria began using her position to steal funds ...
One city employee has been terminated due to misappropriation of funds, according to an announcement by Jackson Mayor Chokwe Antar Lumumba at a press conference Monday.
In accounting terminology, especially with respect to the area of audit, defalcation means a misappropriation of assets or theft of assets by employees or officers of a corporation. Defalcation occurs when a debtor commits a bad act while acting in a fiduciary capacity. [ 5 ]
The nonprofit Mississippi Community Education Center (MCEC) received $2.5 million in federal grant funds diverted from Mississippi's TANF welfare funds, as well as tens of millions in public funds as an element of the scheme. The Mississippi state auditor has termed the scheme "the largest public embezzlement case in state history".
Making the distinction is particularly difficult when dealing with misappropriations of property by employees. To prove embezzlement, the state must show that the employee had possession of the goods "by virtue of his or her employment"; that is, that the employee had formally delegated authority to exercise substantial control over the goods.
A state audit report released Monday accused Iowa's Republican Gov. Kim Reynolds of using nearly $450K in federal coronavirus relief funds to pay staff salaries and concealing the spending.
Misappropriation of assets – often called defalcation or employee fraud – occurs when an employee steals a company's asset, whether those assets are of monetary or physical nature. Typically, assets stolen are cash, or cash equivalents, and company data or intellectual property. [ 5 ]
A former Allianz fund manager was spared prison time on Friday over his role in a meltdown of private investment funds sparked by the COVID-19 pandemic that caused an estimated $7 billion of ...
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