embezzle

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Related to defalcation: False token

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.
References in periodicals archive ?
Section 523(a)(4) excepts from discharge debts "for fraud or defalcation while acting in a fiduciary capacity, embezzlement, or larceny." (57) A recurring fact pattern involves a debtor who was an insider of a corporation, and who misappropriated or fraudulently transferred property of the corporation at a time when the corporation was insolvent.
An equally unfortunate but common assumption is that CPL cover all acts of fraud, theft and defalcation. They don't.
As such, while they may be large in size, many practical business controls may not be in place to prevent or detect common defalcations.
Perhaps the most serious setback was the defalcation of 1932, a financial and moral disaster in which the college and diocese together lost around $1 million.
He was recently appointed as outside counsel to a title insurance company to investigate multiple claims of alleged fraud and defalcation against a settlement agent which had appeared for numerous banks.
Unlike an old-fashioned bank embezzler, who stuffs cash into a valise and blows town, modern defalcation schemes typically involve adding or removing accounting entries into a computer or remitting payments to spurious addresses.
A bond protects you against any acts of defalcation. Don't be surprised that an attorney that didn't remit to you, most likely didn't remit on other cases.
To avoid defalcation, institute a system of check requisitioning that creates a paper trail designed to ensure that no client trust account checks can be disbursed or negotiated without sufficient documentation.
Obviously, if fraud or defalcation is involved, serious consequences cannot be averted.
Clench misappropriated funds from the sale of the lands of other First Nations as well and actions against him became known as the Clench Defalcation Claim, which was the subject of investigation from 1847 to 1854.
Perhaps it was curiosity that led me to admit him to the conversation despite his defalcation. If so, it was well rewarded.
Generally, this is appropriate even though the matter might be considered inconsequential [e.g., a minor defalcation by a low-level employee].