Embezzlement

Nature

The misappropriation, or fraudulent conversion, of property (often funds) by a person who already has it in his lawful possession. Unlike larceny, which is a crime against possession, embezzlement is a crime against ownership.

Background

Embezzlement emerged as a recognized global concern in the 19th century, as expanding financial institutions and public offices revealed vulnerabilities to internal fraud. High-profile cases, such as the 1873 City Bank of New York scandal, heightened awareness of the problem’s scale and complexity. Over time, international financial integration and digitalization have further exposed the pervasive nature of embezzlement, prompting coordinated regulatory responses and ongoing scrutiny by organizations such as Transparency International.

Incidence

Notorious examples of embezzlers are Ferdinand and Imelda Marcos who are alleged to have siphoned more than $100 million from the Philippines.

Claim

Embezzlement is a deeply serious problem that undermines trust, destroys livelihoods, and cripples organizations. It is not a victimless crime—its ripple effects devastate employees, investors, and entire communities. Turning a blind eye to embezzlement enables corruption and erodes the very foundation of ethical business. We must treat embezzlement as a top priority, demanding strict accountability and robust safeguards to protect our institutions and the people who depend on them.

Counter-claim

Frankly, the concern over embezzlement is vastly overblown. In the grand scheme of societal issues, it barely registers compared to challenges like poverty, healthcare, or education. Most organizations have safeguards in place, and the amounts involved are often minor relative to overall budgets. Focusing on embezzlement distracts from far more pressing problems that actually impact people’s daily lives. It simply does not deserve the attention it receives.