People v. Talbot
Supreme Court of California
28 P.2d 1057 (Cal. 1934)
Relevant factsFree
James Talbot and other officers of Richfield Oil Company (defendants) openly withdrew corporate funds to speculate personally in the stock market, a practice common among corporations at the time, without attempting to conceal the withdrawals. Charged with embezzlement under California Penal Code Section 504, they were convicted after the trial court inferred fraudulent intent simply from the fact that corporate money was diverted to personal use rather than corporate purposes.
IssueFree
Whether the fraudulent-intent element of embezzlement is satisfied when funds entrusted for corporate or other specified uses are instead used for personal purposes.