Massachusetts General Laws ch. 266 sec. 53 – Bank officers or employees; prosecution for fraud or embezzlement; evidence
Section 53. In prosecutions for such crimes, the fraudulent taking or receiving by any person of bullion, money, notes, bills or other security for money which belongs to such bank, by reason of an unlawful confederacy or agreement between him and an officer of said bank or any person in the employment thereof, with intent to defraud the same, shall be deemed to be a fraudulent taking by such officer or person in the employment of the bank to his own use, within the meaning of the preceding section; and it shall not be necessary, upon the trial, to identify the particular bullion, money, note, bill or security for money which is so taken or received. Upon the trial of the crime of embezzling, fraudulently converting or fraudulently taking and secreting, with intent so to embezzle or convert, the bullion, money, notes, bank notes, checks, drafts, bills of exchange, obligations or other securities for money of any person, bank, corporation, partnership, county, city or town by a cashier or other officer, clerk, agent or servant of such person, bank, corporation, partnership, county, city or town, evidence may be given of any such embezzlement, fraudulent conversion or taking with such intent committed within six months after the time stated in the indictment.
Terms Used In Massachusetts General Laws ch. 266 sec. 53
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.