welshing

welshing
/welshig/ Receiving a sum of money or valuable thing, undertaking to return the same or the value thereof together with other money, if an event (for example, the result of a horse-race) shall be determined in a certain manner, and at the time of receiving the deposit intending to cheat and defraud the depositor. The crime is larceny at common law

Black's law dictionary. . 1990.

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