Past tense of defalcate; money or property that was taken illegally by someone entrusted with it.
Regular past tense formation of 'defalcate' using the '-ed' suffix. Same Latin root 'defalcare' as the base verb, maintaining the sense of unauthorized subtraction of funds.
When a bank teller, accountant, or trusted manager is discovered to have 'defalcated' funds, it's particularly shocking because the crime involves a betrayal of trust—the person had access specifically because they were supposed to be responsible.
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