Legal Question in Banking Law in Maryland

Re: Embezzlement funds in a safe deposit box

Embezzlement, theft through deception or unauthorized control, willingful misappropriation, or any other criminal charge may lead you to a recovery. But it is hard to collect against an incarcerated person. Other civil remedies may be equally effective. Again, enforcement of a judgment is the critical matter and this all depends on the facts of your matter.

Depending on the relationship of the individual to the company, other remedies may lie. Whether the bank breached its contract on ensuring propriety over deposits to the depositary box may be another avenue, but most banks disclaim against access that is provided to agents by the owner.

As an auditor and attorney, I can only suggest a review of your business's internal controls over cash as well as a review of the receivable or payable accounting cycles. A recovery of your loss is important, stopping further losses is most important.

Feel free to contact me for a free initial consultation.

G. Joseph Holthaus

(410) 799-9002

Re: Embezzlement funds in a safe deposit box

If you believe that a substantial sum of money is sitting in a safe deposit box as you suggest, then it may in fact be appropriate to seek emergency relief from a court in order to secure those funds.

You should move VERY quickly on this issue. That is, it is hard to convince a court that there is an "emergency" if you yourself have waited around before doing anything.

As a practical matter, there may be other options as well; and you would do well to have your accountant or CFO attend the first meeting with your attorney on this issue so that all issues can be discussed, including appropriate efforts to prevent any future wrongful action.

My office is one of the larger suburuban Maryland practices and we are regularly successful in obtaining emergency relief from local and federal courts. Please feel free to call me immediately if you would like to chat about options.

I can be reached today at 301/452-2048 (or at 301-220-2200 x 112); or during regular bus. hours at 301/220-2200.