Fred, a successful stockbroker, gives a lecture about investing. Some of the persons who attend the lecture form Gain & Profit, an investment
club, and ask Fred to advise them. Gain & Profit allows Fred to set up an account for the club with a brokerage firm and gives Fred control of
the account, but does not authorize Fred to withdraw funds for his own benefit. Fred uses the money in the Gain & Profit account to repay
personal loans. Charged with embezzlement, Fred defends his actions on the ground that he intended to repay the club. Is Fred guilty of
embezzlement? Why or why not?