Defalcation is a financial crime that involves the embezzlement of property or funds by an individual entrusted with its custody or control.
Embezzlement is the fraudulent appropriation, for one's own use, of property lawfully in one's possession. It is a type of larceny often associated with bank employees, public officials, or officers of organizations, who in the course of their lawful activities, come into possession of property, such as money, actually owned by others.
Graft involves the fraudulent obtaining of public money through the corruption of public officials, often entailing the use of money as a payoff or the dishonest advantage one person gains over another due to their position, influence, or trust.
Illegal income refers to earnings derived from activities that are against the law, such as theft or embezzlement. These earnings are considered taxable income and must be reported to tax authorities.
Lapping is a fraudulent accounting practice in which an employee conceals a shortage of cash by delaying the recording of cash receipts, often involving the use of subsequent receipts to cover earlier thefts.
Peculation is the fraudulent misappropriation of money or goods entrusted to one's care, often involving public funds or resources. This act is closely related to embezzlement, but typically refers to the misuse of funds by public officials.
Teeming and lading, often seen as just 'teeming and lading,' is an accounting fraud method where receipts or payments are delayed in recording to cover up cash shortages caused by theft or employee fraud.
