fraud

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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 periodicals archive ?
The company also has a program targeting the Th17 pathway through the inhibition of RORt that is the basis of an exclusive research collaboration with Merck.
The switch from public provision to privatisation only changes the beneficiaries of the rorts.
Little Rort struck the front at the third-last and the gelded son of Ali-Royal made the
For a few strides two and a half furlongs from home it looked as though Little Rort would do the business, but Rashay, trained by Michael Halford, loomed up and soon took over to win with plenty in hand, leaving Little Rort to come home third.
TADHG O'SHEA is all-out to defend the apprentice title he won last year and he brought his score for the season to 16 with a double on Dyrick Daybreak, who sprang a 33-1 shock in the stayers' race, and Little Rort, who took the apprentice claimer by six lengths.
The situation was not helped by some over-optimistic reserves and the day started badly in this respect with the very first lot into the ring, Leopardstown winner The Rort, having to be led out unsold even though the bidding reached Irpounds 43,000.
nThe Rort dug deep for Eddie Ahern to get the better of Citizen Edward by half a length in the one-mile handicap.
Eddie Ahern, who had a mixed afternoon at Haydock on Saturday when scoring on One Won One and then picking up a four-day whip ban, teamed up with The Rort to land the mile maiden from Lindissima, writes Brian Fleming.
An investigation by the Department of Human Services has uncovered evidence of a $2 million systematic welfare rort among a family network in NSW.
The Magnier-Tabor partnership struck again in the mile maiden when Shoal Creek made virtually all the running to score from Shibi and the fast- finishing newcomer The Rort.
While we have a strong plan for a brighter future, Labor has no plan and was prepared to sit back and allow this rort to continue, costing taxpayers almost $8 million a year.
These rorts and abuses have been allowed to flourish under the watch of a timid federal Coalition government, who along with their lazy Queensland LNP counterparts, have turned a blind eye to this disgraceful exploitation.