How Does This Make Sense?

In the news today, I read a bit about a non-profit executive who took $3.6M from the non-profit for which he worked and played the stock market with it. He said he fully intended to pay the money back, but couldn't because his stocks tanked.

Is that logical? Would it be OK to borrow that sum of $$ (or any sum of $$) from anywhere, without their knowledge, as long as you "intended" to pay it back?

What a jerk!!