defalcation |
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Definition
Diversion, misapplication, misappropriation, misuse, or theft of funds by some executive or high official who is entrusted with those funds. Similar act by a lower-level employee or functionary is called embezzlement.
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defalcation is in the Banking, Commerce & Finance, Corporate, Commercial, & General Law and Entrepreneurship, Management, & Leadership subjects.
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http://www.businessdictionary.com/definition/defalcation.html