If wrong, Edward gets punished (5)
I believe the answer is:
fined
'punished' is the definition.
(similar in meaning)
'if wrong edward' is the wordplay.
'wrong' is an anagram indicator.
'edward' becomes 'Ned'.
'if' anagrammed gives 'fi'.
'fi'+'ned'='FINED'
'gets' is the link.
(Other definitions for fined that I've seen before include "Fed in (anag.)" , "Ordered to pay penalty" , "Mulcted" , "Imposed financial penalty on" .)