Not the way I learned it. From Brewer:
Prodigal Festus says the Romans called victims wholly consumed by fire prodigæ hostiæ (victims
prodigalised), and adds that those who waste their substance are therefore called prodigals. This derivation
can hardly be considered correct. Prodigal is pro-ago or prod-igo (to drive forth), and persons who had
spent all their patrimony were “driven forth” to be sold as slaves to their creditors.