Kenneth G. Wilson (1923). The Columbia Guide to Standard American English. 1993.
flaunt, flout (vv.)
This pair is causing increasing trouble, and the mistaken use of flaunt for flout is growing, despite much criticism. Flaunt means ostentatiously to show something off, deliberately to call attention to it, as in She flaunted her expensive clothes and jewelry on all occasions. Flout means deliberately to break or disregard a rule or law, as in He flouted the parking regulations almost daily, seemingly daring the police to ticket his car. The openness and arrogance of both flaunting and flouting have probably contributed to the confusion of the two, but Edited English still insists on the two verbs being distinguished, and many Standard users consider use of flaunt for flout a first-class shibboleth.