To fraudulently appropriate an asset for ones own use.

To appropriate fraudulently to one's own use, as property intrusted to one's care; to apply to one's private uses by a breach of trust; as, to embezzle money held in trust.

The illegal transfer of money or property to one's own use in violation of trust. The money or property may be legally in the possession of the embezzler but not his property. It is the conversion of the money or property to his own personal use that constitutes embezzlement. For example, an employee could embezzle money from the employer or a public officer could embezzle money received during the course of their public duties and secretly convert it to their personal use.

To misappropriate; to waste; to dissipate in extravagance.