Defalcation

Defalcation is the theft or misuse of funds or other assets by someone who has responsibility to protect those assets. An example of such misuse is when a trustee invests funds improperly, resulting in their loss. An example of theft is when a chief financial officer uses a wire transfer to direct funds into his own personal offshore bank account.

Related Courses

Fraud Examination 
Fraud Schemes 
How to Audit for Fraud