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In criminal law, misappropriation is the intentional, illegal use of the property or funds of another person for one's own use or other unauthorized purpose, particularly by a public official, a trustee of a trust, an executor or administrator of a deceased person's estate or by any person with a responsibility to care for and protect another's assets (a fiduciary duty).
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 investigation started from a tip, deputies said.
The major change in UPMIFA compared to the previous model law (the Uniform Management of Institutional Funds Act) is that it replaces a requirement that nonprofits cannot spend below the original value of contributions or "historic dollar value" (HDV) with a new requirement that their investing and spending will be at a rate that will preserve ...
In a non-profit corporation, the "agency problem" is even more difficult than in the for-profit sector, because the management of a non-profit is not even theoretically subject to removal by the charitable beneficiaries. The board of directors of most charities is self-perpetuating, with new members chosen by vote of the existing members.
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".
From Wikipedia, the free encyclopedia. Redirect page. Redirect to: Misappropriation
More generally, the Second Circuit has said of preemption and the misappropriation doctrine: [W]e believe that Metropolitan Opera 's broad misappropriation doctrine based on amorphous concepts such as "commercial immorality" or society's "ethics" is preempted. Such concepts are virtually synonymous for wrongful copying and are in no meaningful ...