misapply funds

See: defalcate
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The Ombudsman said the two former officials were 'policy-makers' who did not directly misapply funds for other purposes.
Causing and permitting the Company to misapply funds, or in the alternative, put those funds at risk to the detriment of creditors, by making substantial unsecured loans culminating in a total loan of 138,035 due from a connected company at a time when he knew or ought to have known that the connected company was itself insolvent.