§ 56

A broker, or officer, manager or agent of a corporation doing the business of brokers, who, having been intrusted, solely or jointly, with money, stock or security for the payment of money, with any direction in writing to invest, dispose of, apply, pay or deliver such money, stock or security, or any part thereof, or the proceeds or any part of the proceeds thereof, in any manner, for any purpose or to any person mentioned or specified in such direction, in violation of good faith and contrary to the terms of such direction, embezzles or fraudulently converts such money, stock or security, or any part thereof, or the proceeds or any part of the proceeds thereof, shall be punished by imprisonment in the state prison for not more than five years or in jail for not more than two and one half years or by a fine of not more than five hundred dollars.