@KaBoom - Sometimes white collar crimes aren't punished so severely, but I think that's changed in the last few years. I mean, consider the fact that Martha Stewart got jail time for insider trading. That's pretty much a victimless crime (much more so than embezzling) but she still went to jail because of it.
That being said, I think the penalties for an embezzlement charge should vary depending on the severity of the crime. Every case is different, and I'm sure there are some instances where community service or restitution would be more appropriate than jail time.