Meaning of the word "influence peddling" in English

What does "influence peddling" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

influence peddling

US /ˈɪn.flu.əns ˈpɛd.lɪŋ/
UK /ˈɪn.flu.əns ˈpɛd.lɪŋ/

Noun

the illegal practice of using one's influence with people in authority to obtain favors or preferential treatment for another, typically in return for payment

Example:
The politician was accused of influence peddling after it was revealed he accepted large donations from a company seeking government contracts.
The scandal involved several high-ranking officials engaged in influence peddling.