• (n.) The act or practice of peculating, or of defrauding the public by appropriating to one`s own use the money or goods intrusted to one`s care for management or disbursement; embezzlement. Found on http://thinkexist.com/dictionary/meaning/peculation/
It refers to illegal, unauthorised and defrauding use of the public or government property for personal use. Found on http://www.encyclo.co.uk/local/21213
Pec`u·la'tion noun The act or practice of peculating, or of defrauding the public by appropriating to one's own use the money or goods intrusted to one's care for management or disbursement; embezzlement. « Every British subject . . . active in the discovery of peculations has been ruined.&... Found on http://www.encyclo.co.uk/webster/P/39