Bow out when involved in modest fraud (6)
I believe the answer is:
cowboy
'modest fraud' is the definition.
The definition and answer can be both people as well as being singular nouns.
Maybe there's an association between them I don't understand?
'bow out when involved in' is the wordplay.
'out' is an anagram indicator (out can mean wrong or inaccurate).
'when involved' becomes 'coy' (I can't justify this - if you can you should give a lot more credence to this answer).
'in' means one lot of letters goes inside another.
'bow' is an anagram of 'wbo'.
'wbo' put inside 'coy' is 'COWBOY'.
Can you help me to learn more?
(Other definitions for cowboy that I've seen before include "Hired hand who tended cattle in the old west" , "Cattle herder of the American wild west" , "Wild West character" , "Artisan doing shoddy work" , "Wrangler" .)