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The Collaborative International Dictionary of English v.0.48:

Peculate \Pec"u*late\, v. i. [imp. & p. p. Peculated; p. pr. & vb. n. Peculating.] [L. peculatus, p. p. of peculari to peculate, akin to peculium private property. See Peculiar.] To appropriate to one's own use the property of the public; to steal public moneys intrusted to one's care; to embezzle. [1913 Webster] An oppressive, . . . rapacious, and peculating despotism. --Burke. [1913 Webster]