Embezzlement—“theft or misappropriation of funds placed in one’s trust or belonging to one’s employer (Google.com dictionary).”
Embezzlement is a friendly-sounding word, not harsh like “extortion.” Employers, however, have to guard against even trusted employees. The newspapers frequently report long-time employees, who embezzled money over a number of years. In many cases, the employee had overspent, sometimes out of a desire for fancy consumer items and sometimes out of desperation to cover unanticipated medical bills or car repairs.