fraud

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Related to fraudulently: finagler, phony, defrauded

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 ?
He was given a 16-week sentence, suspended for 18 months, after admitting obtaining fraudulently claiming income support.
Two others received suspended prison sentences after admitting fraudulently obtaining pounds 45,000 from former family friends.
Jenkins stood to benefit from the scheme by collecting commissions on the premiums paid by his co-schemers for these fraudulently obtained life insurance policies.
In a statement, the company said: "EuroChem would like to draw your attention to the fact that ahead of planting season in a number of Asian countries we have identified instances of individuals or companies fraudulently using the name of EuroChem, EuroChem's plants and top managers.
According to authorities, between December 2006 and October 2008, the pair perpetrated a scheme in which they fraudulently billed insurance companies for treatment administered by unlicensed and untrained individuals at the Injuries Treatment Center, a Dewey Street physical medicine, rehabilitation and treatment center owned and operated by Mr.
11, 2001, attacks entered the United States on fraudulently obtained but genuine U.
A COUNCILLOR who fraudulently claimed more than pounds 13,000 in housing and council tax benefits was today starting an 18-week jail sentence.
Nada Nadim Prouty, who resigned her position after it was revealed that she fraudulently became an American citizen, was not a spy for Hezbollah as some poorly informed media commentary has been claiming.
Defendant) willfully and without authorization [fraudulently used] [possessed with intent to fraudulently use] personal identification information concerning (victim).
AN ex-cop has been found guilty of fraudulently claiming pounds 55,000 in benefits.
PALMDALE -- The wife of a Lancaster cardiologist has been ordered to pay more than $29,000 in restitution for fraudulently telling an insurance company that intruders caused $570,000 damage at their home overlooking Lake Palmdale.
The 27-year-old monthly was the first to report on imposters fraudulently representing the Joint Commission on Accreditation of Healthcare Organizations and the imposters' possible connection to terrorism.