Lure Penny into bad man’s embrace (7)
I believe the answer is:
spinner
'lure' is the definition.
(type of lure or bait used in fishing)
'penny into bad man's embrace' is the wordplay.
'penny' becomes 'p'.
'into' indicates putting letters inside.
'bad man's embrace' becomes 'sinner' (I can't explain this - if you can you should believe this answer much more).
'p' placed into 'sinner' is 'SPINNER'.
(Other definitions for spinner that I've seen before include "revolutionary ball" , "Artificial fly" , "I make deliveries turning" , "Bowler - fisherman's fly" , "cricketer" .)