fraud

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Related to Frauds: Accounting Frauds

Fraud

Any attempt to deceive another for financial gain. A clear example of fraud is selling a new issue that does not really exist. That is, the company can collect money from investors and, rather than use it to finance operations, pocket the money and do nothing. There are a number of types of fraud. Common types include forgery of documents, false claims in insurance, and filing bankruptcy to avoid debt rather than because of financial hardship.

fraud

Deception carried out for the purpose of achieving personal gain while causing injury to another party. For example, selling a new security issue while intentionally concealing important facts related to the issue is fraud.

fraud

the gaining of financial advantage by a person who deliberately deceives another person or business, by mispresenting himself.

fraud

A deceitful practice. Fraud consists of a misrepresentation of a material fact that is relied upon by another party to his or her detriment.There is no requirement that the misrepresentation be intentional.The thing misrepresented must be a fact; it is very difficult to prove fraud when one fails to fulfill his or her obligations but had good intentions in the beginning.

There are three types of fraud:

1. Intentional fraud. Punitive damages may be assessed for this type of fraud.

2. Negligent fraud. As when one makes a statement recklessly but without any intention to deceive, and someone relies on that statement and is injured when it turns out to be false. One example would be a real estate agent telling a buyer that all appliances are new when, in reality, the agent didn't know but thought they looked new. Depending on the degree of recklessness involved, this type of fraud may or may not support punitive damages.

3. Innocent fraud. As when one takes steps to confirm facts but is perhaps mistaken or given mistaken information, and then relays that information to someone else who relied on it and was injured.

The Statute of Frauds is a rule that says certain contracts must be in writing, including contracts having to do with real estate. It has nothing to do with fraud, per se, except to protect against possible fraud by requiring a writing.

References in classic literature ?
I bent myself to devising ways and means for our escape, and meanwhile strove, on all fitting occasions, to impress them with the gross fraud and inhumanity of slavery.
So glister'd the dire Snake and into fraud Led EVE our credulous Mother, to the Tree Of prohibition, root of all our woe; Which when she saw, thus to her guide she spake.
But he found himself encompassed with guards and forced to remain silent while the Chief Circle in a few impassioned words made a final appeal to the Women, exclaiming that, if the Colour Bill passed, no marriage would henceforth be safe, no woman's honour secure; fraud, deception, hypocrisy would pervade every household; domestic bliss would share the fate of the Constitution and pass to speedy perdition.
Gentlemen, I have no hesitation in telling you that it was the fact of Tchebaroff's intervention that made me suspect a fraud.
Let others- the young- yield afresh to that fraud, but we know life, our life is finished
This Jellia dared not tell, having been threatened with death by the witch if she confessed the fraud.
The Sheep, fearing some fraud was intended, excused herself, saying, "The Wolf is accustomed to seize what he wants and to run off; and you, too, can quickly outstrip me in your rapid flight.
AN eminent Justice of the Supreme Court of Patagascar was accused of having obtained his appointment by fraud.
Ye see our danger on the utmost edge Of hazard, which admits no long debate, But must with something sudden be opposed (Not force, but well-couched fraud, well-woven snares), Ere in the head of nations he appear, Their king, their leader, and supreme on Earth.
I am speaking, as before, of injustice on a large scale in which the advantage of the unjust is more apparent; and my meaning will be most clearly seen if we turn to that highest form of injustice in which the criminal is the happiest of men, and the sufferers or those who refuse to do injustice are the most miserable--that is to say tyranny, which by fraud and force takes away the property of others, not little by little but wholesale; comprehending in one, things sacred as well as profane, private and public; for which acts of wrong, if he were detected perpetrating any one of them singly, he would be punished and incur great disgrace-- they who do such wrong in particular cases are called robbers of temples, and man-stealers and burglars and swindlers and thieves.
A treacherous friend is the most dangerous enemy; and I will say boldly, that both religion and virtue have received more real discredit from hypocrites than the wittiest profligates or infidels could ever cast upon them: nay, farther, as these two, in their purity, are rightly called the bands of civil society, and are indeed the greatest of blessings; so when poisoned and corrupted with fraud, pretence, and affectation, they have become the worst of civil curses, and have enabled men to perpetrate the most cruel mischiefs to their own species.
Do you mean to invent some sort of pious fraud for your mother's sake?