Defrauds, swindles (7)
I believe the answer is:
fleeces
This clue is a double definition.
'defrauds' is the first definition.
(I've seen this in another clue)
'swindles' is the second definition.
(I've seen this in another clue)
(Other definitions for fleeces that I've seen before include "Ovine coats" , "layer[S?] of clothing" , "Rips off" .)