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37. Of what crime, if any, could the woman properly be convicted?
The woman is charged with embezzlement. Under the applicable statute, the degree of the crime (and, hence, the severity of the authorized punishment) depends upon the value of the property embezzled.
A woman was the trustee of a trust fund. The corpus of the fund was invested in certificates of deposit and high-grade bonds. When one of the certificates of deposit, in the amount of $100,000, matured, the woman cashed the certificate and invested the proceeds under her own name in a speculative stock. In three months, the value of the stock had soared, and the woman sold the stock for $200,000. With the proceeds of the sale, the woman purchased a $120,000 certificate of deposit in the name of the trust. She gave the remaining $80,000 to charity.
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A is incorrect. The defendant's culpability is measured by the value of the property when the crime was committed, not by its subsequent value. This is true regardless of whether the embezzled funds are depleted or increased.
C is incorrect. The trust fund received all but $80,000 of the ultimate stock sale; however, that is not the amount that the woman embezzled. The certificate of deposit was worth $100,000 when the woman converted it to her own use.
D is incorrect. The woman may be convicted of embezzlement. As a trustee, the woman had lawful possession of property that belonged to the trust fund, and rather than honoring her fiduciary obligation to the fund, she converted the property to her own use.