Defalcation

Defalcation is a synonym for embezzlement, involving the illegal use or misappropriation of funds by someone entrusted with them. It is typically committed by high-level individuals like executives or public officials. Unlike embezzlement, which often involves personal use of funds, defalcation can also include mismanagement for personal or related parties' benefit. It is a criminal act with intent to misuse funds, making it broader than simple embezzlement.

What are some examples of mismanagement of funds as mentioned in the text?

What intent is required for an act to be considered defalcation?