What we know is that it was a business account. But Lori was part of the business and authorized to manage the account so when Charles asked the bank to reverse the transfers the bank refused because they had been duly authorized by Lori.
Whether it was considered embezzlement would depend on the statute and the business agreements in place. It's not clear which of Charles's business entities had the account and who was an officer/member. There does not appear to be a business entity in Arizona that Charles was an officer/member of. R.I.T.E Planning group seems to exist only on Linkedin. PFS Marketing exists in Texas but the Texas SoS charges to look at it's organization documents.
Arizona's embezzlement statutes are explained here:
Arizona Embezzlement Laws - FindLaw
They seem to be referring to this actual statute which is for theft:
13-1802 - Theft; classification; definitions
It would be tricky in Arizona to separate what was Charles's property from Lori's since ALL income earned during the marriage was legally half his and half hers.
I would note that CV had apparently changed his business (PFS) from an LLC to a corporation in Texas late in 2018. If that is true there are a lot of implications that could effect the answer to your question. At one extreme CV may have defrauded Lori out of her interest in the business. At another extreme it could mean Lori no longer had any interest in the business and her actions were felonious. It would all depend on the details of what was done and when.