2C:21-15. Misapplication of entrusted property and property of government or financial institution
Misapplication of Entrusted Property and Property of Government or
Financial Institution. A person commits a crime if he applies or
disposes of property that has been entrusted to him as a fiduciary, or
property belonging to or required to be withheld for the benefit of the
government or of a financial institution in a manner which he knows is
unlawful and involves substantial risk of loss or detriment to the owner
of the property or to a person for whose benefit the property was
entrusted whether or not the actor has derived a pecuniary benefit.
Fiduciary includes trustee, guardian, executor, administrator, receiver
and any person carrying on fiduciary functions on behalf of a
corporation or other organization which is a fiduciary.
If the benefit derived from a violation of this section is $75,000.00,
or more, the offender is guilty of a crime of the second degree. If the
benefit derived exceeds $1,000.00, but is less than $75,000.00, the
offender is guilty of a crime of the third degree. If the benefit
derived is $1,000.00, or less, the offender is guilty of a crime of the
fourth degree.
For the purposes of this section, the term benefit derived shall include
but shall not be limited to the amount of any tax avoided, evaded or
otherwise unpaid or improperly retained or disposed of.
Amended by L. 1979, c. 178, s. 41; 1987, c. 76, s. 33.
