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Explanation: After reading your note it sounds like something else.
In colloquial American English (and it may very well be a Yiddish influence) you usually repeat a word and replace schm- to the beginning of it when you mean to denigrate what you are talking about, or better, what someone else is talking about:
"I don't know, I've never understood much of this hindu-schmindu stuff..."
it's usually made with words of one or two syllables, and your "cheated schmeated" seems to be that case. In this case, it doesn't seem to be denigration, but more like they want to emphasize the act of cheating.