When an individual or company illegally and intentionally used funds of another party for their own use, they could be charged with misappropriation of funds. Misappropriating funds is a form of embezzlement, and you could face criminal charges in the state of Ohio. The severity of the penalties will depend on the amount of money involved and other circumstances surrounding the incident.
The president of a license insurance agency, Oliver Financial Services Corporation, as well as the company itself, is facing state regulatory action following the alleged misappropriation of $500,000 from Ohio consumers without their consent and other fraud-based crimes. According to authorities, the president apparently worked as a financial services consultant for the company and used forged documents to get policyholders to designate him as the beneficiary of the annuities sold by him.
The department of Insurance has issued orders against the consultant and his company, demanding that they cease all fraudulent activity. The consultant is also working to stop the consultant from working under state insurance laws.
If you are accused of fraudulent behavior, you may face criminal charges as well as other regulatory penalties. Embezzling more than $150,000 but less than $750,000 is a third-degree felony in Ohio and could result in a minimum of nine to 36 months in prison and/or up to $10,000 in fines. Theft from an elderly or disabled person, or someone in the active military, could result in a fifth-degree felony charge and even more serious penalties. If you have been charged with a white-collar crime of any kind, it is important for you to seek counsel from an experienced attorney in your area.