Hi, Sean! "Cheated someone out of money" is correct. In this phrase, "out of" indicates that the indirect object of the sentence (someone) lost the direct object in question (money) as a result of the subject's actions (the subject is the person/people doing the cheating). It almost has the same meaning as "run out of money," except that in "run out of money," it's the subject that lost the direct object. "Cheated someone of money," while grammatically correct, actually sounds more unnatural. Another word is needed there to make it more clear: either "cheated someone out of money" or "cheated someone of his/her money." I hope this helps. 如果我回答的太复杂了，请跟我讲。我也可以用中文帮你解释。

It means to not have. You could imagine that the money is out of your pocket.