A title agent who misuses funds intended to be used to close insured transactions is said to be involved in a defalcation. Many title insurers have their own "defalcation units".
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Collier on Bankruptcy, 523.10 (15th ed. rev. 2007) The classic example of defalcation is when a trustee recklessly invests trust funds and loses the money. If the beneficiary wins a judgment against the trustee, and the trustee files for bankruptcy, the debt (the judgment) cannot be discharged in bankruptcy because the debt was the result of a defalcation. Defalcation, for example, applies when a debtor is acting in a fiduciary capacity.
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To constitute a defalcation, the conduct involves a degree of culpability that is greater than negligence, but the act does not need to rise to the level of a "fraud" under common law. Defalcation requires showing of conscious behavior or extreme recklessness.In re Hyman, 502 F.3d 61 (2d. Cir. 2007) The term is used in legal proceedings other than bankruptcy to refer more generally to embezzlement; it is often used in the context of the title insurance business.
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Defalcation literally means "cutting off with a falx" ("sickle"). The term is from Latin, and is analyzed as de- "off" + falx "sickle" + -tion "act of", hence literally "cutting off with a sickle". There is also a verb form, "defalcate".
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A form of white-collar crime, skimming is slang for taking cash "off the top" of the daily receipts of a business (or from any cash transaction involving a third interested party) and officially reporting a lower total. The formal legal term is defalcation.
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In his first address, Hardin came out squarely for free silver, ensuring the division of his party for the rest of the campaign. Bradley reprised much of his argument from the 1887 campaign against Buckner. He charged mismanagement of state government by Democrats, citing Tate's defalcation as evidence.
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The undertaking ended disastrously in 1843. The cause was an extensive defalcation by a manager, whose method was the circulation of fraudulent bills. A bitter controversy on the management and the method of liquidation is reflected in the newspapers of the time. At the failure, the Bank was liable on notes £14,000; unpaid drafts, £6000; and deposits, £45,000.
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During the time of his residency, Durlacher's financial accounting methods in relation to government funds were either lax or deliberately mismanaged for his own benefit. By the end of 1869, a large debt was discovered in relation to pastoral licenses. He was accused of defalcation of public funds, and rather than face the humiliation of a trial committed suicide. Durlacher died on 15 November 1869.
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Gilkey 1901 : 504 He was elected to the Ohio State Senate for Muskingum County, for a two- year term commencing on December 6, 1819. On February 15, 1820, Ohio State Treasurer Hiram M. Curry resigned under a cloud. A defalcation was found, and Sullivan was elected by the legislature to replace Curry on the first ballot, and served February 17, 1820 to February 17, 1823.
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Misappropriation of assets — often called defalcation or employee fraud — occurs when an employee steals a company's asset, whether those assets are of monetary or physical nature. Typically, assets stolen are cash, or cash equivalents, and company data or intellectual property. However, misappropriation of assets also includes taking inventory out of a facility or using company assets for personal purpose without authorization. Company assets include everything from office supplies and inventory to intellectual property.
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He received 2.33% of the vote in the first round of the 2002 French presidential election. Bruno Mégret endorsed Jean-Marie Le Pen in the runoff against Jacques Chirac. He also supported Le Pen in the 2007 presidential election. After he was sentenced to 8 months of probation, 8000 Euro fine and one-year ban from standing in any election for defalcation of public funds, he resigned in 2008 from the political field.
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This business conducted grain brokerage on the Chicago Board of Trade. Due to the defalcation of a major client who was attempting a speculative corner, Kershaw & Co. was forced into bankruptcy in 1887. Issues in the case were considered sufficiently important as to make it to the United States Supreme Court as Armstrong vs American Exchange National Bank. The business was reorganized with an injection of new capital from the Kershaw family.
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The consequences of compulsive buying, which may persist long after a spree, can be devastating, with marriages, long-term relationships, and jobs all feeling the strain.Klaffke, p. 430 Further problems can include ruined credit history, theft or defalcation of money, defaulted loans, general financial trouble and in some cases bankruptcy or extreme debt, as well as anxiety and a sense of life spiraling out of control.Bruno Zumo, Advances in quality of life research, 2001 (2002) p.
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In 1856, Governor Salmon P. Chase appointed him Ohio Attorney General to replace the deceased Francis D. Kimball. He was elected to a two-year term later in 1856, and another in 1858. His cases as attorney general included the Breslin Treasury defalcation and the Wellington Rescue, where his arguments before the United States Supreme Court were widely celebrated. Ohio Governor William Dennison named Wolcott to replace the deceased John C. Wright at the Peace Conference of 1861.
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He was removed from office in 1823 by Sir Edward West after being accused of defalcation (misappropriation of funds) and for many of his later years resided in Edinburgh, as well as Pau in South West France. He was Provost of St Andrews, 1836–1839. He died at 28 Regent Terrace on Calton Hill in Edinburgh.Edinburgh Post Office Directory 1852 He is buried with his family on the lower south terrace of the churchyard of St John's, Edinburgh.
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The Lawyers Insurance Fund is the program established by the Law Society to provide insurance for BC lawyers, and protects the profession and the public from the risks associated with the practice of law by providing high quality professional liability and defalcation insurance. Professional liability insurance protects lawyers who are liable for negligence and ensures that clients receive compensation to which they are entitled. Lawyers are also protected if they fall victim to the "bad cheque" scam, helping ensure that clients do not suffer a financial loss.
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The characters and identities of Max Carrados and his usual accomplice Mr Carlyle are explained in the first story, "The Coin of Dionysius".Max Carrados (Methuen & Co, London 1914): see external link. Mr Carlyle is a private investigator, running a private inquiry agency concerned mainly with divorce and defalcation. He is directed to the home of Wynn Carrados at The Turrets, Richmond, London, for an expert opinion on a tetradrachm of Dionysius the Elder of Sicily which he believes may be a forgery substituted into a famous collection in the course of a theft.
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Caleb Jefferson McNulty (December, 1816 – July 12, 1846) was an American lawyer, newspaper editor and politician. Active in the Democratic Party, he became Clerk of the U.S. House of Representatives; while serving in this post he was alleged to have embezzled congressional funds; some charges were subsequently dismissed, and he was acquitted of the others. John Quincy Adams, then serving as a Whig member of the House, referred to the charges as a "memorable development of Democratic defalcation."Memoirs of John Quincy Adams, his diary from 1795 to 1848, Charles Francis Adams, ed.
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On 7 January 2014 following a police raid on the Port Administration in İzmir, Yıldırım's brother-in-law was arrested for conspiring to rig bids on tender, defalcation, giving and taking bribes, serious fraud and sharing confidential information regarding tenders with others. He was also filmed and caught on camera while taking bribes. On 12 April 2016, Yıldırım's son was photographed by a Sözcü newspaper journalist playing roulette at the Marina Bay Sands Casino in Singapore. The photographs were leaked online, causing criticism due to Yıldırım's previous comments regarding religious morality and Islam, which conflicted with his son's gambling.
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This has allowed foreign brokers to enlist as dealers on the Nigerian Stock Exchange, and investors of any nationality are free to invest. Nigerian companies are also allowed multiple and cross border listings on foreign markets. In a bid to promote transparency and trust in the capital market, the NSE reconstituted the Investors' Protection Fund in 2012. The Fund is mandated to compensate investors who suffer pecuniary loss arising from the revocation or cancellation of the registration of a dealing member; insolvency, bankruptcy or negligence of a dealing member; or defalcation committed by a dealing member or any of its directors, officers, employees or representatives.
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Governor Gonzalo Ronquillo de Peñalosa and Domingo de Salazar, the first bishop of Manila, had requested the King of Spain to establish the Supreme Court of the Philippines then called the Audiencia, to settle disputes between the Church and State. In 1584, three judges arrived from Mexico and started the justice court with De Vera serving as the chief justice. After the sudden death of Governor Peñalosa, Diego Ronquillo, his nephew became the governor ad interim but was later charged for defalcation in the trust of Peñalosa's estate and was sent back to Spain as a prisoner. As the chief justice of the court, Santiago de Vera succeeded as the governor of the islands on May 16, 1584.
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In 1854 he was elected Vermont State Treasurer as a Republican, and he served until 1860. After he left office, an audit determined that his state accounts were in arrears, and a subsequent investigation determined that Bates' defalcation amounted to at least $50,000 (about $1.3 million in 2016). Bates had been empowered to borrow money on the state's behalf; he had taken out several loans of which he made no record, and used the money on speculative investments, including marble and soapstone businesses and the Van Ness farm, now known as the Ethan Allen Homestead.Defalcation of the State Treasurer His misconduct came to light when one of the banks which had made such a loan contacted Bates' successor, who could find no record of it.
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Ironically, Lane's death ending up costing Don significantly more than the stolen money. Besides the loss of a skilled partner who was indeed trying to get SCDP out of the red, Lane was under contract, as were the other partners, that in case of death the partnership fees were to go to the next of kin within a 7-year deadline before legal action would be invoked. Don's failure to tell anyone else nor alert the authorities did not give prior evidence of defalcation; and Lane's boilerplate letter was not much to go by with a paper trail. As the suicide occurred prior to Don's Monday deadline of "an elegant exit", it meant Lane died while technically employed at SCDP.
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G. H. Braunschweig, the collector and agent of Raap's company, had been indicted for embezzlement by a grand jury in March 1897. Raap wanted to bring up charges of embezzlement and forgery against his employee, who had threatened to kill himself if Raap pressed the charge against him. Raap claimed the defalcation was in the amount of $2,300, while Braunschweig claimed it was only $1,500 and that Raap owed him $400 salary."Kills Accuser and Self" - Chicago Tribune, Saturday April 24, 1897 At 5:45 on the morning of April 23, 1897, the date the case was to have been heard in court, Braunschweig began travelling back and forth between Raap's residence, the residence of Raap's attorney (Joseph O'Donnell, who had been prosecuting the case in court), and the wholesale liquor house on Milwaukee avenue, trying to arrange a meeting at Raap's office to avoid arrest and appearance in court.
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