Clue: Dramatist, one inventing a plot, reported for youthful indiscretions? (4,4)
Answer: WILD OATS
Explanation: Definition: youthful indiscretions
homophone/"reported" of 'Wilde' + 'Oates' 
Oscar Wilde the dramatist, and Titus Oates who 'invented'/fabricated the existence of a 'Popish Plot'