Final answer:
A fraudulent act involving the unlawful appropriation of property or money by someone entrusted with it is known as embezzlement. This financial crime constitutes property theft and violates a position of trust and is also closely related to identity theft when personal financial accounts are misused.
Step-by-step explanation:
The fraudulent act that involves the unlawful appropriation of property or money by someone who has been entrusted with the property is known as embezzlement. Embezzlement occurs when a person who is in a position of trust with regard to someone else's assets takes those assets for their own use. This is a form of property theft, but it's distinct from larceny or burglary because it involves a violation of trust. For example, if an employee responsible for managing a company's finances diverts company funds into their own account, this would constitute embezzlement.
Identity theft, a form of fraudulent activity, can also involve embezzlement when it includes the unlawful use of someone else's financial accounts. This often leads to significant financial losses for the victim and can result in debt accumulation, damaged credit, and loss of assets.