The Collaborative International Dictionary of English v.0.48:

Mulct \Mulct\, v. t. [imp. & p. p. Mulcted; p. pr. & vb. n.
   Mulcting.] [L. mulctare, multare.]
   1. To punish for an offense or misdemeanor by imposing a fine
      or forfeiture, esp. a pecuniary fine; to fine.
      [1913 Webster]

   2. Hence, to deprive of; to withhold by way of punishment or
      discipline. [Obs.]
      [1913 Webster] Mulctary