What is Embezzlement?

What exactly is embezzlement? For the layman, the definition offered in the Wikipedia (free online encyclopedia) is a good place to start.

As the definition explains,  embezzlement is the alleged (i) fraudulent conversion of property by (ii) someone in lawful possession of that property. The latter element is one that distinguishes embezzlement from larceny. That is, with embezzlement, the embezzler must have had the right to possess the item, and allegedly used that position of trust to convert the property. With larceny, the thief was never in lawful possession of the property.

In short, embezzlement involves an alleged abuse of trust.