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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.


the gaining of financial advantage by a person who deliberately deceives another person or business, by mispresenting himself.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson


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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Winning trainer Michael Grassick said: "The Rort likes cut but he had been off the track for some time and I wasn't sure if he was quite fit enough.
Whanau Ora), the rorts associated with iwi consultation have sky-rocketed under National, the abolition of the Maori seats in Parliament has given way to Key's perceived need to appease the Maori Party, while Treaty claims have continued way beyond 2010 with Finlayson cheating the taxpayer by ever more imaginative means, including throwing in an extra $10 million to Ngati Toa "for the loss of their maritime empire over Cook Strait" (code for Te Rauparaha's right to take his war canoes across the strait to kill, cook and eat the tribes of Marlborough.
They remarked on politicians getting away with dishonest acts such as travel rorts, and private use of public monies whilst their own young friends are gaoled and harshly dealt with over petty theft matters.
Cost overruns, rorts, complexity, tardiness, power imbalances and moral hazard count among the perennial concerns.
These men, many of whom were profiting handsomely from the material crime and compensation rorts that characterised the post-coup period and continued despite the signing of the Townsville Peace Agreement in October 2000, had more to lose by the intervention of RAMSI in July 2003 than did their Gaule counterparts (with the important exception of Harold Keke and his followers) or any other island or provincial ethnic grouping (see, in particular, Dinnen 2002 and Fraenkel 2004).
Morgan alleged that Fitzpatrick systematically rorted the haulage contracts for the construction of this important wartime facility.
A number of private companies have already submitted their proposals for the lucrative port, and as Iraq looks to establish itself as a major shipping destination further opportunities are become available for commercial operators to meet with the state company for rorts and discuss supplying the key services needed to aid this regeneration of this important sector.
In 1939, in order to avoid occasions for gross rorts, Queensland legislated that these transactions (both withdrawals and deposits) be recorded in a book signed or thumb-printed by the Aboriginal account holders and then countersigned by those responsible for passing over these small sums to them.
Glaser and Laster (1990) supported this view when they declared that individual worker's are scapegoats for the costs and rorts of the workers compensation scheme.
Were Andrew Bolt, Patrick McGuinness, etc., and those thinking like them, really to get the upper hand here, an enormous clean-out of rorts, rackets, phonies and mountebanks would follow, as we know.