In what circumstances will a defendant be found guilty of embezzlement from a corporation he created?

In People v. Applegate (1949) 91 Cal.App.2d 163, pages 165 to 173, 204 P.2d 689, the defendant was convicted of grand theft by embezzlement from a corporation which he created and for which furnished some equipment. He was never a corporate officer, although he was to receive one-third of the stock which was never issued. He received money to be paid to the new corporation and deposited it in an account of another corporation which he wholly owned and used the money for other purposes, without ever fully paying it over to the new corporation. ¹⁰