This study presents empirical evidence to answer the following question: “Which factors of CEO characteristics can affect the CEO’s decision-making or actions on embezzlement?” CEOs may be the key wrongdoers of fraud in asset embezzlement, it is important to understand the relationship between embezzlement and the characteristics of the CEOs involved in it. We analyze the association between embezzlement by CEO and CEO characteristics, represented by ownership status and demographic variables (age and major), by examining cases of CEO embezzlement in the Korean capital market. Although previous accounting studies on fraud are rarely taken into consideration in embezzlement cases, this study focuses on this cases using a sample of 490 firm-year observations during the period from 2005 to 2012. The major findings of this study are as follows. First, owner CEOs are less likely to commit embezzlement compared to non-owner CEOs. The incidence of CEO asset embezzlement tends to decrease when the CEO is a major shareholder of the company. Second, we find a significantly negative association between the CEO’s age and embezzlement, suggesting that older CEOs are less likely to embezzle corporate assets. Meanwhile, no significant relationship is found between the CEO’s major and asset embezzlement. Therefore, this study suggest that CEOs’ ownership status and demographic characteristics can systematically explain the occurrence of corporate fraud. Understanding the characteristics of the CEOs who are prone to embezzlement may help shareholders and boards of directors recognize red flags and guard against fraudulent CEOs in the market for corporate control.