dolution

Randy was the Financial Manager for a small real estate investment form of about 500 employees and 100 independent agents in California. Randy worked in this position for about 10 years. As Financial Manager, Randy managed a small staff consisting of assistants and trainees in financial management. One Friday afternoon, Randy was working alone in his office and decided to execute a plan of opportunity he often thought about over the years. He had contemplated using his authority to withdraw funds from the firm’s business account, going to Las Vegas, and gambling using a system he had learned from a professional gambler. Randy could withdraw $100,000 without the authorization of additional parties and he had developed a good relationship at the barik used by the firm. Randy decided to execute his plan late that Friday afternoon before the banks closed for the weekend. Randy checked out of his office, went to Chase Bank, and withdrew $100,000 in cash. He drove to Las Vegas, checked into a luxury suite, and gambled using his learned system on the Roulette wheel. Randy counted his winnings on Sunday morning which totaled $250,000. On Monday morning, Randy visited Chase Bank and returned the $100,000 he withdrew on Friday. About 6 months later, during a financial audit, it was discovered what Randy had done. The real estate firm’s management terminated Randy’s employment and filed suit for the return of any earned proceeds, claiming any winnings belonged to the real estate firm. A lien was placed on the equity of his house, auto, and Randy’s luxury yacht ISSUE: Will the real estate firm successfully recover any of the winning proceeds from Randy’s gambling? RULE: Embezzlement is the fraudulent conversion of another’s property by one who was in lawful possession of it. (Mann, Roberts 2020, pg. 117). Note: Conversion (a tort) is the taking of personal property of another with the intent to permanently deprive the owner thereof (pg. 548). Larceny is the criminal version of theft. Remember, separate the rule into its elements or parts and use the facts as evidence to prove each element. Your conclusion will be yes, because, or no because and explain why.