... money; I initially got hoodwinked, that’s fair (5)
I believe the answer is:
light
'fair' is the definition.
(I've seen this before)
'money i initially got hoodwinked that's' is the wordplay.
'money' becomes 'l' (L can mean 'pounds').
'initially' indicates taking the first letters.
The initial letters of 'got hoodwinked that' is 'ght'.
'l'+'i'+'ght'='LIGHT'
(Other definitions for light that I've seen before include "bulb" , "Pre-eminent person; window" , "dawn" , "solution to clue" , "Not too demanding" .)