1. To
borrow money by means of
pledging property which has already been pledged to others, the value of the property being less than the total
indebtedness; to
hypothecate.
2. To
short change or
swindle.
3. To raise
gambling stakes in order to swindle a victim who has been permitted to win several "
come-on" bets.
- american underworld dictionary - 1950