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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 ?
Consistent with this analysis we conclude that the FUFTA was not intended to serve as a vehicle by which a creditor may bring a suit against a nontransferee party (like First Union in this case) for monetary damages arising from the nontransferee party's alleged aiding and abetting of a fraudulent money transfer.
While Canadian laws such as the Privacy Act detail what organizations can and can't do with an individual's private information and who has the right to view or use this information, they don't address spam directly, nor do they stipulate punishment for marketers' fraudulent activities.
6501(c)(1) phrases the fraud exception to the usual three-year limitations period in terms of a fraudulent return with intent to evade tax, and does not explicitly require fraudulent intent on the taxpayer's part.
Like the example described, fraudulent promoters may say you've won a free trip.
The notion that the Federal budget can be balanced by an attack on fraudulent Medicaid and Medicare claims surfaced in a report issued last year by the House Committee on Government Reform and Oversight.
The determination that the broker had engaged in fraudulent practice was unanimously confirmed without reservation.
DKIM has the potential to bring trust and a greater sense of order to the Internet, reduce the unwanted clutter that burdens both individuals and networks and eliminate opportunities for spammers and phishers to use fraudulent messages to attack individuals and steal their personal information.
She also used the embezzled funds to pay off previously obtained fraudulent loans.
King found that McIntyre requested more than $23 million in fraudulent income tax refunds for customers using "a tax fraud scheme that involves filing fraudulent federal income tax returns and other documents, including Forms 1099-OID and Forms Schedule B, with the IRS.
as to how the RMA calculated the $456 million figure, Gould said the agency was able to use the data-mining "to find out producers that were found to be filing fraudulent claims .
Molina also accused Antonovich of violating the law by possessing a fraudulent ID issued by the Mexican consulate.
When NPO volunteers and employees turn over faster than elected positions or job contracts dictate, it could be a sign people are distressed by committing or witnessing fraudulent activity or by being coerced into participating in it.