An internet investment club asks Jose, a successful stockbroker, to advise its members. The club allows Jose to set up an account with a brokerage firm and gives Jose control of the account, but does not authorize Jose to withdraw funds for his own benefit. Jose, however, uses the money in the account to repay personal loans. He intends to return the money at some point in the future. Jose is charged with embezzlement. Is Jose guilty of embezzlement? Why or why not?
An internet investment club asks Jose, a successful stockbroker, to advise its members. The club allows Jose to set up an account with a brokerage firm and gives Jose control of the account, but does not authorize Jose to withdraw funds for his own benefit. Jose, however, uses the money in the account to repay personal loans. He intends to return the money at some point in the future. Jose is charged with embezzlement. Is Jose guilty of embezzlement? Why or why not?
Business Its Legal Ethical & Global Environment
10th Edition
ISBN:9781305224414
Author:JENNINGS
Publisher:JENNINGS
Chapter8: Business Crime
Section: Chapter Questions
Problem 2QAP
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An internet investment club asks Jose, a successful stockbroker, to advise its members. The club allows Jose to set up an account with a brokerage firm and gives Jose control of the account, but does not authorize Jose to withdraw funds for his own benefit. Jose, however, uses the money in the account to repay personal loans. He intends to return the money at some point in the future. Jose is charged with embezzlement. Is Jose guilty of embezzlement? Why or why not?
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