embezzle

(redirected from Abstraction of Bank Funds)
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Embezzle

To steal funds placed under one's responsibility. For example, a trustee has a fiduciary responsibility to use the funds in a trust for the beneficiary and for no other purpose. If he pockets some of the funds instead, he commits embezzlement. This crime can result in significant jail time, depending on the amount stolen. See also: White collar crime.

embezzle

To take illegally something of value being held in custody for someone else.