What does the cryptic crossword clue "Misleading fungi brought back by one old American (8)" mean?

The definition is "Misleading". The wordplay uses a charade (building blocks). SPEC (synonym="fungi") + I (abbreviation="one") + O (abbreviation="old") + US (abbreviation="American") = SPECIOUS; definition: "Misleading" The answer is SPECIOUS.

Misleading fungi brought back by one old American (8)

Daily Mail Cryptic #16318 | 22 Across | 2020-05-19 flower

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