defalcation
- noun
- /ˌdɛfəlˈkeɪʃən/
- Formal
:
malversación
- When Congress borrowed from donative trust law in the 1970s, it did so for the limited purpose of curbing asset mismanagement—or "internal defalcation"—by insiders with access to funds set aside to pay employee pensions.
Examples
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The accountant was charged with defalcation after it was discovered he had stolen funds from the company's accounts.
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Cause 1: Earnings management or fraudulent reporting by executive management without defalcation.
Academic text (2004) -
Cause 3: Earnings management or fraudulent reporting by manager(s) or professional(s) without defalcation.
Academic text (2004) -
As a result, anyone who bypasses system security controls could, for instance, inadvertently create a recording error or modify an audit trail to cover a defalcation.
Academic text (2004) -
The Supreme Court, however, interpreted the Act to except from discharge any debt resulting from defalcation by the debtor while acting as a public officer or in a fiduciary capacity. (77)
Academic text (2018) -
Still, if, as some might argue, the South African art world did not quite appreciate the scope of Kebble's monumental defalcation, there are more than enough alarms about the Dokolo and de Santos families that only the most insensitive can ignore.
Academic text (2007) -
The embezzlement scandal involved serious defalcation by the financial advisor who misused clients' investments.
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During the audit, they uncovered evidence of defalcation that led to significant losses for the charity.
Synonyms
27
7.0
Taking money or goods that someone gave you to look after and using them for yourself
5
8.6
Taking money or things you were trusted with and using them for yourself
Stealing money or property given to you to look after, especially by a government worker
Using money or property given to you in a dishonest way for personal gain
How Serious
Surface Forms
Morphology
Etymology
Defalcation comes from Latin parts de- 'away' and falx 'sickle', giving the picture of 'cutting away'. So a defalcation is when someone you trust secretly cuts away or takes money or property they were supposed to look after.