I am not sure if it is embezzlement because the shareholders gave him carte blanche. They had no directors (it was only SBF and one of his cronies), they had no-one overseeing anything, all of the transactions were approved by the company (btw, any transfers outside the company can now be clawed back in bankruptcy anyway).

I think the stuff going on with Alameda is a bit more spicy because he, and others, made several very explicit lies about that relationship. The stuff with the houses was unbelievable but the finger should really point at the shareholders who allowed it to happen.