Source : Webster's Revised Unabridged Dictionary (1913)

Embezzlement \Em*bez"zle*ment\, n.
   The fraudulent appropriation of property by a person to whom
   it has been intrusted; as, the embezzlement by a clerk of his
   employer's; embezzlement of public funds by the public
   officer having them in charge.

   Note: Larceny denotes a taking, by fraud or stealth, from
         another's possession; embezzlement denotes an
         appropriation, by fraud or stealth, of property already
         in the wrongdoer's possession. In England and in most
         of the United States embezzlement is made indictable by
         statute.

Source : WordNet®

embezzlement
     n : the fraudulent appropriation of funds or property entrusted
         to your care but actually owned by someone else [syn: {peculation},
          {defalcation}, {misapplication}, {misappropriation}]