Basically, your friend is unethical, dishonest and a thief in that he knowingly requested funds be sent to him that he knew not to be his own; he then cashed the check, and is waiting now to see if the brokerage firm will catch it's mistake. This is called unjust enrichment and yes it can be prosecuted criminally and civilly. His actions reflect a selfish and wanton disregard for the well being of others -- even corporate others.
How would he feel if someone did this to him?
Frankly, what you've described is appalling.
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