Asset Misappropriation
/ˈæsɛt ˌmɪsəˌproʊpriˈeɪʃən/
Definitions
- (n.) The illegal, unauthorized use or theft of a company’s or individual's assets, often by an employee or trusted party.
The accountant was charged with asset misappropriation after diverting company funds to a personal account.
Related terms
See also
Commentary
Asset misappropriation is the most common and lowest-cost form of occupational fraud, typically involving cash or tangible property. Draft documents should clearly identify the assets involved to avoid ambiguity.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.