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 ?
Telecom-based swindling is a new type of crime in which suspects cheat
A smug 43% of British workers believed swindling expense claims was a legitimate way of making extra cash and 45% of people said all their colleagues were 'doing it'.
Swindling pitched the first five innings and allowed two runs on four hits.
But what doesn't translate well is the law enforcement of Spanish-language print and broadcast ads that are swindling Spanish speakers for products such as herbal remedies and useless credit cards.
1956), where the court defined it as a word of general and broad connotation, intended to cover any criminal appropriation of another's property to the use of the taker, particularly including theft by swindling, false pretenses and any other form of guile.
Prosecutors demanded a three-year prison term Monday for a former assistant director at the Foreign Ministry accused of swindling the state out of about 21 million yen in public funds related to the 2000 Group of Eight (G-8) summit in Okinawa.
Prosecutors on Friday indicted Katsutoshi Matsuo, a former Foreign Ministry logistics chief, on fresh charges of swindling the government out of about 210 million yen.
A former magistrate was told by a judge yesterday he was facing a lengthy jail sentence for swindling more than pounds 71,000 in benefits and insurance money.
Born-again con-artist Michael Douglas of Antioch, Illinois, who specialized in investments for wealthy fundamentalists, got a 12-year sentence in 1991 for swindling 131 people out of $31 million.
LAHORE -- A two-member bench of the Supreme Court on Tuesday rejected bail application of a woman accused of swindling money from people on the pretext of sending them abroad.
and two others, for swindling a further 3 billion yen in corporate pension funds.
Dubai A female accountant was jailed for three months after she was convicted on seven out of 27 counts of swindling, theft, embezzlement, forgery and using forged documents.