What does the cryptic crossword clue "Risky investment — not the first — embezzlement! (10)" mean?

The definition is "embezzlement". The wordplay uses a deletion. PECULATION (deletion) = PECULATION; definition: "— embezzlement!" The answer is PECULATION.

Risky investment — not the first — embezzlement! (10)

Times Cryptic #28837 | 1 Down | 2024-02-12 flower

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