fraud

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Related to defrauded: fraudulently, finagler

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 ?
Many consumers connected with the case did receive restitution after being defrauded by the Auburn dealership.
Tahir Nawaz has complained of being defrauded of Rs 1,40,00,000.
According to the ruling, Kawanami defrauded a 77-year-old businesswoman in Yokohama and her sister of 10 checks worth 840 million yen and 20 million yen in cash by claiming he would deposit them with the bank.
The money he defrauded was fees to be paid to barristers and solicitors.
figure By ABIUD OCHIENGbr The director of a company and his wife who are alleged to have defrauded the collapsed Chase Bank were Wednesday handed a major reprieve after their bond terms were reduced by half.
Manning ordered staff to halt work work that was gathering the bases for additional borrower defense relief for Corinthian and other defrauded students proves that Secretary DeVos and the Trump Administration have no interest in providing the relief to which defrauded student borrowers are entitled under the law.
The National Bureau of Investigation (NBI) has filed a case for estafa against an individual who defrauded a group of people of almost US$202,500 to finance the processing of documents to claim a $30-billion asset of a fellow Filipino.
The police alleged Kawanomi defrauded a 77-year-old businesswoman in Yokohama of nine checks worth 828 million yen and 20 million yen in cash claiming he would deposit her money with the bank, police said.
But Judge Kelly said the defrauded insurance companies should be allowed to view Carthy's sworn affidavit on the role played by them.
KRA officers alleged the traders registered more than nine business names and could have made fictitious invoicing in excess of Ksh15,369,511,856.They are suspected to have defrauded or aided in defrauding the government approximately Sh2,459,121,896 in Value Added Tax and a further S,610,853,556.80 in income taxes.Related Stories
In the course of the meeting with representatives of the defrauded depositors of Mykhailivskyi Bank, President Petro Poroshenko signed Law of Ukraine on Amendments to Several Laws of Ukraine on Reimbursement for Individuals Affected by Fraud in Banking and Other Financial Services through the Deposit Guarantee System.
MANILA -- Home Development Mutual Fund (Pag-Ibig Fund) members want nothing less but the "ultimate conviction" of real-estate magnate Delfin Lee and the return of the P6.6 billion defrauded from them.