Is a breach of fiduciary duty a crime?
Posted on | March 22, 2010 | No Comments
Texas has a criminal statute that makes it a felony offense to misapply fiduciary property. Many of the cases dealing with the criminal aspect of misapplication of fiduciary property deal with persons who have powers of attorney over a relative. Using the power of attorney, they essentially convert the relative’s money into their own. Occasionally, they are sued by other relatives in the civil courts to reimburse the estate for the money that was improperly taken. However, they can also be criminally prosecuted in addition to having to repay the funds back because of a civil verdict.
Pearls of wisdom: If someone has breached their fiduciary duty, depending on the facts, they may have also committed a felony and can be subject to imprisonment.
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