Background: This ESL podcast is about getting caught embezzling money from a bank. Here we learn financial vocabulary and phrases that you should know if you are ever having a legal problem. Learn about this interesting topic while learning English vocabulary and real spoken English. Tell us what you think on the discussion forum linked below.
Discussion forum Lesson Below
English Learning Conversation
| A: Hey, did you hear about that guy who went to high school with us?
B: I just saw the headlines. He stole a bunch of money or something? A: He embezzled 10 million from the bank he worked for. Apparently it went under the radar for 10 years. B: What did he do with the money? A: He had most of it sitting in an offshore bank account in the Caymans. B: So how did he end up getting busted? A: He got stopped at the border coming back from the US. It was a random search. They just wanted to make sure he was declaring all his purchases. When they opened the trunk they found a huge suitcase full of cash. B: What and idiot! Why would he be so careless? A: He was never known for being the sharpest pencil in the box.
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Phrases and Vocabulary used:
Headlines: The “headlines” are the titles of the articles in the newspaper. Some people don’t have time to read all the news, but they read the headlines to get a general idea of what is going on in the world.
Bunch: We sometimes use this word in spoken English to refer to “a lot” of something. You could say, “last night’s party was a lot of fun. I met a bunch of people”.
Embezzled: Embezzling money means to take money that belongs to someone else and use it for your personal benefit. We often use this word for people working in the government or in company who steal money from the government or company they work for.
It went under the radar: If something goes “under the radar” it means it goes unnoticed or undetected. Sometimes people with a low salary feel safe cheating on their taxes because they believe it will go under the radar.
Offshore bank account: This is an account in a bank that is located outside of your country. These banks don’t have to follow the same laws as banks inside a country. They often have lower taxes and are much more private. It is much more difficult for the government to get access to the information of your offshore bank accounts. Many criminals use offshore bank accounts to hide their illegal activities.
Caymans: The Cayman Islands is a small group of islands. They are known for having many offshore banks.
Getting busted: Getting busted is a slang term which means to get caught doing something that is illegal or against the rules.
Steve got busted by the teacher for cheating on his Chemistry test.
Random search: There are often “random searches” at the borders between countries and at airports. This is when they stop a few people to see if they are carrying anything illegal. No one knows who will be searched during a random search. They might just stop 10% of the people and search their belongings.
Declaring: If you are traveling in another country and you buy a lot of money worth of goods, you often have to “declare” the value of what you bought when you return to your home country. If you spent too much money, you often have to pay, “duty” which is a tax on the value of these goods.
Trunk: This is the box-like thing at the back of a car. People put things like suitcases or grocery bags in the trunk of the car.
Not the sharpest pencil in the box: “Sharp” means smart. If someone is “not the sharpest pencil in the box” it means that they are not very smart.
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