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From: Webster's Revised Unabridged Dictionary (1913)

 Em·bez·zle v. t. [imp. & p. p. Embezzled p. pr. & vb. n. Embezzling ]
 1. 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.
 2. To misappropriate; to waste; to dissipate in extravagance. [Obs.]
    To embezzle our money in drinking or gaming.   --Sharp.